Amazes me how the market reacts sometimes. The news yesterday has been on the cards all of last week if not slightly longer--salt dome etc. the buy line at 12c was a solid wall and got hammered by the folks on the ground and whatever chain of other players that led too. Then the wall of buyers at 11.5 also hammered but the buyers were not going away and huge resistance formed at 11 but the sellers wanted out before any official news: they could see what was happening on the ground. This was behaving like any other oil play-- leaky boat boots and all. No different to any other oil play. But the buyers were not done yet either so a massive buying wall established itself at 10.5c but and this is where I was amazed at the sell off on the official announcement which in effect was a reaction to old news. Unless there are problems with the other current wells I see no rationale behind the us sell off with oil on nearly 100 etc and the Italy play being exposed for what it really is a beef up by the bond And treasury players on wall street so they can move their billions around from one to the other.
Can't see why we should not head up from here. Even the knee keeners are out . Smart money is slowly accumulating again imho
SSN Price at posting:
10.5¢ Sentiment: LT Buy Disclosure: Held
