All good theories, you guys.

Market makers, unofficial and official, do exist. I would like to say that KXL told me National Bank is their "unofficial" market maker, but I promised I wouldn't say it. I would love to know what their terms of reference were, if they were MM, ;)

In general market makers are given somewhat of an inside track, without pushing the legalities too far, and in general they make a profit on providing volume and most importantly, providing a counterparty to all bids and asks.

I don't know if exactly that is happening with KXL. However, from the traders I know, there is no doubt that some professionals are busy playing our stock in the short term.

As to breakouts after a consoldition phase, it's difficult to differentiate between a managed condition and normal market psychology. The markets are, in the short term, 10% or less fundamentals and 90% or more human behavior. And trends don't go to the moon, so there are always waves of price movements. Our chart looks like ripples at the ocean's edge, edging upwards.

It is the retail traders at the very fringe of the stockholdings (i.e. us) that set the day to day market price, and thereby the "platform" from which a rally can rise. And yes, stocks often are undervalued before a serious rally. But, every imaginable pattern is possible. Someone said that the market acts so as to frustrate the maximum number of participants.

I do have the clear impression from the conference that KXL anticipates a strong rally based on news, and that they would prefer it to be from the $3.xx level than the $2.xx level. Makes sense - human behavior has irrational "sticky" points, e.g. $1, $10, $100, previous highs, etc.

One very lovely thing, dare I say it, is that the floor price has been steadily rising over the last 3 months, from the $2+ range to the $2.40+ range. Nothing but a good sign.

I would have to admit that if I were running the show, I would also plan a series of blockbuster NRs to coincide with the season that is most receptive to it (late Summer & Fall) and the next leg up in the commodities/gold markets (just starting again now). I would be inclined to hold back some of my juicy data for a well-planned series of releases - no point pissing into the wind when the markets are unreceptive.

Of course I hate being without a NR now, same as everyone else. But if I were my own dad, I would say, "son, the late-Summer / Fall release plan is the most profitable one," and I would say "yeah dad, I see that you're right - I am just younger and am learning more patience."

The summer doldrums are upon us. The smartest time to launch your boat is when the tides will assist you. Catching the bounce after the 2Q "earnings season" (early July) or the mid-August start to the Fall rally would both fit in that category of helpful tides.

Best of the long weekend to all schlongs.