mexican standoff

Hi All

There appear to be - right at this moment - a standoff with buyers and sellers staring at each other across the isle.

Obviously the there are not enough O&G bulls out there to carry the day for the sector or people are not convinced that the Cooper Basin has the legs to carry on otherwise we would be trading more normally at 17 times earnings.

On the other side of the fence and judging by the volume today no one is prepared to meet the buyers at $1.52 with one seller at 300K sticking to his guns at $1.525 to get that extra $1500.

So what gives, are institutions and traders that myopic and blinkered that they can only concentrate on one thing at the time.

It's strange to me that some sectors can trade 30, 40, 50 times eg tech stocks where holders get burnt then come back 10 years later and still trade 30, 40, 50 times forward earnings and we can't even get anywhere near normal.

So with all the hype surrounding the CB ATM and the sector as a whole - what gives???

Cheers
BW