rheddle...After a few whiskies and some quality brews and a few days to think on it, I believe the selloff was due to a combination of the following:
1) weakness generated by the PR essentially telling people drilling and results will take a while
2)some drew the inference from the PR that there is no imminent deal for buying ERHC
3) MMs saw the weakness in the stock and took it down to wipe out some stop losses
4) a single shareholder likely either got whacked on a large stop loss order or was forced to sell a large chunk during the slide, or being forced to sell started the slide that the MMs took advantage of to take out the stops.
Unfortunately there are some who bought the stock on the premise of a buyout before/during drilling.
rheddle, I wrote this on Aug 5th and truely believe this is the main reason for what we've seen: "However, another scenario is possible - where technical traders will try to sqeeze out some investors/other trders by temporarily breaking downwards the trend line, resulting in further emotional/technical sales - as it is a common case in other shares - before an extream peak is due". NH
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