If you don't trade a small position then this is not for you unless you are long and looking to buy more.
Looks like Friday is a potential entry point for the week coming. The globals are doing what was expected so no change there. The question is: Will we go up next week or will the bear tide send us lower. The sellers are betting we won't see anything till mid month. That would give them a whole week to pound on the price. There's also a large portion being sold by computer and that may include a horizon factor. If it does and the computers can't accurately predict the NR that's due about company direction as opposed to the drilling results then the beat down occurs right into the NR. If this is true then there's little chance of stability until we get past mid month. I would expect the 18th or so should be the start of the run if it is going to happen.
Do you trade into cash today? I think yes. But watch for a better price point. Yes, you should have begun at $1.15 but there's still room for a couple of pennies. The other factor of being in cash is safety from some unforseeable global action that wipes the markets out. Clearly, there is a chance of a surprize offer but it's slim with no BFS.
We have a show coming but we all know the company never goes to them with something in hand. Could this time be different? If not, the 18th should be the bottom of the trough and still be the best entry point. From here, we shouls see the rumblings of the BFS. I pointed out a while ago that if we hit big in the wrong spot we'd have to back to the drawing board. That would leave us at the mercy of the globals and we don't really want that. I hold a long position in addition to what I trade but wasn't really wanting to wait 5 years lol.
If we don't have a sold sign by Feb: http://mobile.bloomberg.com/news/2012-01-04/papademos-warns-fellow-greeks-economic-collapse-looms-without-sacrifice?category=%2Fnews%2Fmostread%2F Then we can all look forward to another round of BS.
Working backwards from the impending Greek gift gives us early Feb. Timing trades to be all in suggest the last chance is right after the show in Vancouver.
