Daily Chart Support continues to hold
The higher low pattern saw a pierce today, just as it did last Thursday. The only difference is that it closed at the low which is also the double bottom support level from October 22nd.
The bears will tell you that this is a reaction to the 5 calendar day delay in the 10 Q, although they will conveniently leave out the tell tale signs of manipulation which include the lunch hour bid whacking, ask sitting at 3 cents, and the predictable after hours fake trade.
The reality is that what has happened in the 3rd quarter has already happened. We know how much oil they sold from the TRRC reports, know we just want to know what the average price was to get a top line revenue number. Since that is the past, and institutional investors want to know what the future has in store, they will want to know any updates on asset valuations from the fields, in other words recoverable reserve estimates, and then the projects they have in motion.
In the eyes of a big investor with 50 million in assets looking to make an initial allocation of a quarter million with an intent to scale in and park assets for 5 years, a 5 calendar days is a micro second. I guess it's 4 calendar days now.
I only wish that we could have gotten a heads up on the delay because that would have given some of us more time to move cash around, deposit it into our penny accounts, and have ample time for funds to clear for these non marginable securities.
[IMG]http://i.imgur.com/lNzaa.png[/IMG]
