Funny sort of a day today, we came out of the blocks strong with a 15.5c open which adjusted back down to yesterdays closing price of 15c pretty quickly. The announcement was positive, but not earth shattering, always good too see we're going in the right direction, then get a little bit of a surprise like the S5 hole - here's hoping Nomgon extends all the way over to there. One thing I'm always hopeful about with EXR management is that they wouldn't have tossed a coin and decided to drill there, I suspect it's got something to do with the seismic results and it's no coincidence they were mentioned in the same announcement.
The closing price for today, although disappointing, isn't even close to the VWAP, and indicates nothing. One thing I did notice was that there seemed to be an endless supply on the sell side which kept loading up, so that kept the price down. When I saw the trading at 14c in the afternoon I knew we'd end up at 13.5c - always happens.
Biggest volume of the week so far today with 4.57 million shares traded for $656,925 - so the VWAP was 14.4, down a tenth of a cent from yesterdays VWAP - so the average price for shares traded dropped .69% - not 10% as the closing price would indicate. Think very closely about that. Yesterdays apparent big rise, followed by todays apparent big fall in no way indicate what the market was paying.
Also, the price held firmly at 15c (with the exception of a couple of minor trades) until 1pm, when the general market had quite the turn south - on good employment numbers - go figure. Did the futures turn dark at the same time or something? I wasn't paying too much attention today.
Also, the VWAP for the week is currently sitting at 14.3c, so todays price is still above the average price paid for this great company this week.
Interesting to see what tomorrow brings.
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