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King, i believed you then and i believe you now, It will be a great opportunity for those of us with cash, i have a large CD that matures Nov. 1st.....I hope your prediction of 12 to 16 cents waits till after that GLTA
The spiders, SPY & QQQQ are becoming a real bargin now, the real trick of cource is picking the bottom.....IF THERE IS ONE THIS TIME
TopShelf, I think you are right with your prediction of low .20's or high teens....at least i hope you are, Nov. 1st i will have enough to buy 40 to 50K more shares, It would be nice to buy them from .15 to .20 cents
My worry now is that credit will tighten to the point we can't come up with the capital for a ROO, to horrible to think about, any thoughts on this ??............GLTA
I don't understand why some people on this board trash our management, we are not the operator, they can't even issue a PR unless the operator ok's it......its a sit and wait game, if some don't like it they should shut up and/or move on...I personaly would like another "buying oportunity" before drilling now that i have some cash.
I hope it goes back to 20 cents by Nov. 1st., I will have enough cash to buy another 50K shares then.... the SP means NOTHING now to long term share holders, 10 cents would even be better, I could buy 100K shares more.Share price now is only important to flippers.
I think the investigations are the best thing that happened to us in the long run....with the SEC looking down the throat of SEO, the BOD's, not likely they will pull any silly things that will hurt the share holders, TamTam is right, all the majors have cases pending, some for 5 years or more...they just fade away.
OTHER MM's....That is the only way they can really walk it down. A sells to B, and then B sells back to A..... they would put you and i in the slammer for that, but it is legal for the MM's to do it because they are "making a market" )
OT Jeffersons whole family are going to the slammer for heavy time
Analysts say Jeffersons facing daunting indictment
10:30 PM CDT on Wednesday, June 4, 2008
WWLTV.com
It's a 47-page indictment that accuses 4th District Tax Assessor Betty Jefferson, her brother Mose and her daughter Angela Coleman of stealing hundreds of thousands of dollars from non-profit groups they set up.
Non-profits like the Bridge Program, created to provide educational support for pregnant teens; Project Chance, designed to focus on broad problems of black males nine to 21; a program designed to beautify Central City and another non-profit program to give housing assistance.
U.S. Attorney Jim Letten alleges at least $627,000 in state grant money, and $60,000 in federal grant money given to support these programs were instead funneled into accounts the defendants controlled and used for their personal benefit.
“The indictment in question, we believe, is important because it reveals and lays bare the mechanisms through which nonprofits can be or are created and actually used for personal gain contrary to their original stated purposes,” he said at Wednesday’s press conference.
As one example, Letten said $178,000 in state funds was granted for Project Chance during the fiscal year June 2001 to July 2002.
The indictment alleges the money was awarded to hire support staff, but instead, the defendants listed people like Mose Jefferson's handyman, and a full-time employee of the tax assessor's office, who never received salary or benefits for positions with Project Chance.
“We're talking about money allocated by federal and state governments for local charities so there's a record of that money going into that bank account,” said DuBos. “Then checks were written, checks were deposited back or written to pay for things. There's a very bright paper trail here the feds have connected, so this is a very serious indictment.”
Local law professor Dane Ciolino said the lengthy list of agencies involved in the investigation, and the running list of other charges the three defendants face is daunting.
“It really is a sledgehammer-type indictment against the individuals,” he said. “The money laundering and tax fraud allegations ratchet up the indictment.”
Betty Jefferson's attorney, Ike Spears, did not return a call for comment Wednesday. Eyewitness News also tried to contact the city to ask how, if at all, Jefferson's status as a tax assessor could be impacted by these indictments, but they also did returned calls for information.
I think now as i did when i first read the report, the decimal point is in the wrong place..... at 8.36% you couldn't give the blocks away, at 83.6% they would be a valuable asset and would generate a lot of interest.
Jefferson loses one
http://www.wwltv.com/local/stories/wwl052708tpjudge.358bffca.html
Petemantx..... that depends if it is a tight hole or not, if it is a tight hole it would get you fired and banned from the oil patch forever
if it is not a tight hole we will get updates from the operator
Homeport....great questions,I have asked those same questions of BB before and got no reply.It is damaging to his credibility,
ERHE could buy a privately owned compamy, then take it public with an IPO on the AIM...it would be wholly owned by ERHE and shareholders of the new enity,not causing delution of ERHE's stock
This is all silly .... when we get a SP up enough we will go to the NASDAQ or AMERICAN exchange, in a year the sp should be up enough for either. They will keep it here because that is where the money is. IMO
Oil prices in the future, i have mixed emotions here )
http://www.breitbart.com/article.php?id=080424190433.04dy6kj4&show_article=1
Elephant fields site
http://finance.groups.yahoo.com/group/theelephantfields/messages
Here is the official PR, I haven't seen it posted
http://biz.yahoo.com/iw/080422/0389423.html
What ever he said it was probably justified....
They have to prove that ERHE/EO did something wrong first.....If they had, we would have heard something by now....In my opinion the DOJ will just let it die without ever mentioning it did the company serious damage. Maybe years, like Exxon in some of their cases that has been laying aroung for 5 years ar more....
Anyone have an opinion on the IRS problem ??
He is much worse than Fast Eddy, at least Edwards was entertaining )
Jefferson is appealing the courts decision, this will take several months and if it goes to the supreme court it could take another year
I don't think the DOJ will drop the investigation till they have Jefferson in jail
http://www.foxnews.com/story/0,2933,331733,00.html
BB.. I have always given your posts some credability, EXCEPT when you quote Oily's posts, i think you are the only person on the board that gives him an ounce of credability, he has NEVER been right on any of his predictio0ns
In the future i would just like to read your thoughts and not what Oily may or may not predict. try to restrain yourself ....PLEASE.....
There is a big article in the New Orleans paper ths morning, they name names of Jeffersons family and all the companies invloved....still no mention of ERHE anywhere......I can't help but wonder why our office was raided in such a crude manner.
Jefferson's trial has been posponed to the last week in Feb.We can't expect anything in regard to the DOJ until after that. IMO
"I thought that the statute of limitations was a fairly significant amount of time though. If anyone knows, maybe they could share. Thanks for reply."
For the IRS i think it is 5 years, for a felony charge it is 7 years..... i don't have a clue about a FCPA
But it is irrelevant as someone else posted, we have not been charged with anything as yet.... IF and i think it is a big IF, we are ever charged the clock will start ticking then.
Top Shelf
XOM has a case pending now for 3 or 4 years from Equatorial Guinea, as do many other companies from different parts of the world, it doesn't hurt their SP as much as ERHE because they have many more assets than we do.....I am hoping it will be resolved after the Jefferson trail is over,as i believe Jefferson tried to get ERHE to pay him and was turned down,
the DOJ needs the folder from the files of ERHE to prove an on going criminal intent to support RICO........ but we have no guaranties, we have a world class law firm working for us, so i have great confidence all will be well,
Jefferson denied venue change
http://www.wwltv.com/local/stories/wwl113007khjeffersonchange.550bbec4.html
His info is worth more in a bottle of thunderbird range (if they still make it), and that would be an over priced gift.....
That won't come till after the Jefferson trial is over, sometime in Jan or Feb. IMO
Yes, that is what i heard on Fox last night, they plan to show a continuing criminal conspiracy to support the RICO charges....Thanks.
RICO means they are going after everything he and his family has, right down to the watch on his arm.
I heard on Fox news last night before i went to bed that Jefferson is to be charged in two more bribery cases. I looked in the New Orleans WWL web page and could find nothing about it...... Has anyone else heard or read anything ????
I hope one of them is not ERHC
USAF ,,,314th troop carrier, C-119's 1950 to 1955
The other small companies did not have a full carry either,
Not to worry Umbra, many things are in the pipeline to relieve the pressure, here is just a couple, First, the population of China is only a little over a billion (not 4 billion) and they have a one child policy that is enforced.....Be very careful of what you see on CNN..... they are BBC light....they both have an agenda.
In 5 to 10 years the Hydrogen/electric car will be replacing the internal combustion engine, I do not believe we are causing global warming and it is a natural warming period that the sun goes through ever 100 K years, the proof is that Mars is also warming, no people there so it must be the sun
even if you believe Al Gore, here are a couple of developments that will get rid of the bad gases in the atmosphere......in 20 years the Arabs may be trying to drink their oil....we won't need it.
Read this article then click on the link at the bottom for another very interesting article.
I am creating artificial life, declares US gene pioneer
· Scientist has made synthetic chromosome
· Breakthrough could combat global warming
Ed Pilkington in New York
The Guardian
Saturday October 6 2007
Craig Venter, the controversial DNA researcher involved in the race to decipher the human genetic code, has built a synthetic chromosome out of laboratory chemicals and is poised to announce the creation of the first new artificial life form on Earth.
The announcement, which is expected within weeks and could come as early as Monday at the annual meeting of his scientific institute in San Diego, California, will herald a giant leap forward in the development of designer genomes. It is certain to provoke heated debate about the ethics of creating new species and could unlock the door to new energy sources and techniques to combat global warming.
Mr Venter told the Guardian he thought this landmark would be "a very important philosophical step in the history of our species. We are going from reading our genetic code to the ability to write it. That gives us the hypothetical ability to do things never contemplated before".
The Guardian can reveal that a team of 20 top scientists assembled by Mr Venter, led by the Nobel laureate Hamilton Smith, has already constructed a synthetic chromosome, a feat of virtuoso bio-engineering never previously achieved. Using lab-made chemicals, they have painstakingly stitched together a chromosome that is 381 genes long and contains 580,000 base pairs of genetic code.
The DNA sequence is based on the bacterium Mycoplasma genitalium which the team pared down to the bare essentials needed to support life, removing a fifth of its genetic make-up. The wholly synthetically reconstructed chromosome, which the team have christened Mycoplasma laboratorium, has been watermarked with inks for easy recognition.
It is then transplanted into a living bacterial cell and in the final stage of the process it is expected to take control of the cell and in effect become a new life form. The team of scientists has already successfully transplanted the genome of one type of bacterium into the cell of another, effectively changing the cell's species. Mr Venter said he was "100% confident" the same technique would work for the artificially created chromosome.
The new life form will depend for its ability to replicate itself and metabolise on the molecular machinery of the cell into which it has been injected, and in that sense it will not be a wholly synthetic life form. However, its DNA will be artificial, and it is the DNA that controls the cell and is credited with being the building block of life.
Mr Venter said he had carried out an ethical review before completing the experiment. "We feel that this is good science," he said. He has further heightened the controversy surrounding his potential breakthrough by applying for a patent for the synthetic bacterium.
Pat Mooney, director of a Canadian bioethics organisation, ETC group, said the move was an enormous challenge to society to debate the risks involved. "Governments, and society in general, is way behind the ball. This is a wake-up call - what does it mean to create new life forms in a test-tube?"
He said Mr Venter was creating a "chassis on which you could build almost anything. It could be a contribution to humanity such as new drugs or a huge threat to humanity such as bio-weapons".
Mr Venter believes designer genomes have enormous positive potential if properly regulated. In the long-term, he hopes they could lead to alternative energy sources previously unthinkable. Bacteria could be created, he speculates, that could help mop up excessive carbon dioxide, thus contributing to the solution to global warming, or produce fuels such as butane or propane made entirely from sugar.
"We are not afraid to take on things that are important just because they stimulate thinking," he said. "We are dealing in big ideas. We are trying to create a new value system for life. When dealing at this scale, you can't expect everybody to be happy."
Here is something else in the pipe line.........
http://www.sciam.com:80/article.cfm?articleID=CEB6FE7B-E7F2-99DF-36EF1615BE8893FE&chanID=sa003
Worth reading again
We have discussed this topic on numerous occasions but have really never covered it in any depth. We will attempt to do so here to make our point but this is not a primer on the market maker system. It is merely a look at the process and how it affects our trading methodology.
The individuals charged with managing trading in particular equities and providing liquidity for transactions are known as specialists (NYSE) or market makers (Nasdaq). Both have roughly the same function but an important difference is that there may be multiple market makers for Nasdaq stocks while listed equities are all controlled by one specialist. We will focus on the Nasdaq here.
When you place an order to buy a Nasdaq stock, your order is routed from you to your broker. Depending on who your broker is, they could in fact be a market makers themselves in that particular security. If they are, they can fill your order themselves. If they are not, the order goes to their trading department to be executed in the market. If it is a market order, it will be filled at the so called "best available price" which, in our opinion, rarely is. If it is a limit order, it will go in the market makers book to be executed at the point at which the security reaches the desired level. This is standard procedure.
The market maker's job is to provide an orderly market. He does this by matching buyers and sellers of the equity and making money off the spread. When you see a quote, it contains a "bid" and an "ask" component. The bid is what you will get if you sell "at the market." The ask will be your fill price if you buy at the market. Depending on the liquidity and volume of the equity being purchased, this spread could be as much as 1/4 point although recent legislation has clamped down on large spreads. It may not seem like much, but that 1/4 point can add up quickly if you are dealing with a stock that trades as many as 1 million shares a day. This is all pretty basic.
Where this subject gets interesting is when we are in market environments with either runaway upside or downside. In either of these cases, it becomes much more difficult to match buyers and sellers because there is normally a massive imbalance one way or the other. This is especially true in the case of the highly volatile internet stocks we track and in which we routinely see 20+ point moves on a daily basis in both directions.
In these cases, the market maker has two choices. He can either provide the necessary liquidity himself or he can just to continue to manipulate prices to attract either buyers or sellers. This is especially critical in issues which have a relatively small float (shares outstanding). Let's use an example.
Say that CMGI has just announced a stock split in conjunction with its earnings report after the close. The stock is being bid up about 30 points after hours (This actually happened with one of our short term trades two months ago but after hours trading is a different subject and one we will cover in the future). Prior to the next day's open, massive amounts of market buy orders are flooding trading desks. The market maker in CMGI realizes that he has a rocketshot on his hands. His choices are the following:
1) Provide the liquidity himself by shorting stock to buyers. He is then on the hook for these short positions in a highly volatile stock with a history of massive upside moves. This is not a likely course of action.
2) Continue to manipulate the bid/ask until he reaches a point of equilibrium in the market. Because of the relatively low floats in many of these issues, it is often difficult to bring out sellers. He then must continue to ratchet up the bid in order to entice them. At the same time, he will keep the spread large so that selling is attractive but buying is not. In a falling stock he would do the opposite.
In reality, what would likely happen is a combination of these two options. They could potentially short some stock and also manipulate the spread. In this case, they would, more than likely have a substantial short position in CMGI which could continue to hurt them as the stock rises. It is, therefore, logical to assume that it would be in their best interests to bring the stock in at some point.
It is at this point that we see what we refer to as a "shakeout." We have already mentioned that the market maker has full access to all limit orders. He therefore knows exactly where all of the stops are, assuming they have been placed using limit orders and are not mental. He needs to unwind a large short position. To do so, he needs a lot of sellers so that he can cover the shorts. Again with a small float, he needs dramatic action to bring them out. He will then continue to drop the bid/ask until holders are "shaken out" to the point that they will panic dump the stock. Knowing where the stops are also allows him to drop the stock below them, thereby causing additional selling pressure. Once he has finished covering his shorts, the stock stabilizes. In addition, because of the selling pressure, he has been accumulating stock as others have sold and there are not buyers. As a result he is now "net long." As we have seen time and time again, large downdrafts in specific stocks, like CMGI, are almost always followed by reversals. Hence the "shakeout." We have described this process as though it would take place in a single day. It would likely take a week or more to play out or longer.
So what does this do for us? First of all, if you are going to play this game with the market maker, you have to has a cast iron stomach and have come to grips with the possibility that you could be wrong. Second of all, you have to pick the right stocks in order to do it. At this point in time, the only stocks we track in which we have and will continue to use this strategy are the following: JDSU, EXDS, CMGI, CMRC, ARBA, YHOO and a few others. These stocks have been chosen because we believe they are fundamentally rock solid and because they have trading volumes which would support such activity. In addition, they have been victims of this game time and time again and have ALWAYS displayed the same behavior. We cannot stress enough that not all stocks will exhibit this behavior and assuming they will can result in large losses.
Our trade of CMRC is an example of a bet on this happening. On no news in an up market, the stock gapped down 10+ points at the open. There could be a few things happening here:
1) Market maker or other large player is trying to accumulate shares in anticipation of some announcment or to cover a large short position.
2) The stock is weak-Unlikely in our view on no news.
3) Shakeout in progress to eliminate weak hands in preparation for the next up move. This is closely related to # 1.
We are betting on either 1 or 3. Time will tell if we are right. To hedge our bet, we have placed a mental stop at 154, just below the next support level.
To sum up, we go to Streetforce Rule #1--Never buy at the open. If you do so, you are playing right into the hands of the market maker. Using the CMGI example of a 30 gap up open, you are literally screwed. You are one of the last ones in and will likely be the first one shaken out. If you are not in a stock when it moves, you are too late. Move on.
Walldog, ... you may be right about the $500 a barrel number, but there are many ways to figure the cost. Our military costs a lot if they are all stationed stateside....a lot of the numbers the anti-war people come up with are numbers they pick out of the air...most of the money is spent right here in the states or to American companies that benifeit their stockholders
You mention Brazil, true they are self sufficient using ethanol....my numbers apply till we go to 100% ethanol ,then the farmers could use ethanol for the farm machinery and processing plants and eliminate gasoline all together...that will never happen here or in China, or India. we just wouldn't have enough grain.
What you need to understand is the world needs a policeman, the Brits took on the job for 200 years, now it is our turn and we are doing a terrible job....Democracy is in retreat around the world, and our own sovereignty is in danger do to the North American Union led by George Soros and the one worlders
Perhaps in the next century the Chinese or the Russians will pick up the gauntlet under a benevolent dictatorship and save us from ourselves.....As pogo said "we have met the enemy and he is us".
BB i read and enjoy all your posts, but the fact you give Oilipant any credibility makes me shake my head in disbelief...nothing he has said has ever came about even if you crank in Nigerian time.....and after making so many predictions you would thik just by accident he would get one right once in a while
walldog....alternative fuels will not help until the Hyrogen/electric car is profected in about 10 years. In the mean time, Don't worry about the poor old farmer, most of them are big agriculture corporations, the small farmers that are left are all multi millionaires just for the price of the acreage they own and the subsidies they collect from the goverment
Bio-fuels are a fraud, it takes 3/4 of a gallon of petroleum products to manufacture 1 gallon of ethanol (when done on a large scale, small scale plants may be a little better).....which is just 80% as efficient as gasoline, so in reality we lose a little bit of energy for each gallon of Bio-fuels we make.
Ethanol is being promoted by the farm lobby and the dept of agriculture, whipping up hysteria about planet warming, enlisting poor stupid Al Gore to front for them.... there is an upside though, large scale production of ethonal will help our balance of payments on oil imports, the downside is you won't be able to afford a loaf of bread (they use grain for ethonol)....of course we can always eat cake............
Farm subsidies are a political problem not an energy problem, No one, not God himself can do anything about the department of agriculture.....here is a joke that sums it up pretty well
As the people came to work one morning at the Dept. of agriculture they found a woman sobbing uncontrollably.....
What is wrong, why are you crying,....... the woman said "I'm going to lose my job"
The man asks "WHY"
the woman answers........ "MY FARMER DIED"
The above may be hyperbole but is why nothing can be done with farm subsides....Politicians from states with agriculture constituents (That's all the states) will go to the wall defending them. In case you didn't get the joke.... there is one employee at the dept of agriculture for each farmer in the country
King.. i had the same experience as you....a friend in Houston told me about this stock when their office was in South Florida, said it was going to be a story stock.... unlike you, i didn't buy. I did put it on my watch list though. When Offor got involved i bought in...I believe it will be a story stock, i have never been in a stock that has so much potential.... I never held a stock this long before either.
Art.... i think you are probably right but it looks like someone in the know would post a "rumor" a lot of different people must know the answers, someone should weaken