Volume Tops 2 Million Today, But Gains Are Modest

The volume of trade in ERHC Energy shares jumped by more than 1.7 million on the day after Christmas over the 600K daily average to 2.3 million shares today, but the price remained near-static in a range of $0.195 - $0.21 and closed at $0.205, unchanged from the day before.

Much of the selling was driven by tax-loss considerations, but some opined on investor boards that market makers were stocking up on low-priced shares. One investor admitted he sold 200,000 shares to take advantage of tax-loss provisions.

Many investors, however, are feeling more strongly the likelihood of impending indictments. It is both refreshing and interesting that they are not selling off in anticipation of an indictment, and that may be because of the dynamic we mentioned in our last post. Once the burden of the indictment is known, the price will have been almost fully discounted except for the day it comes down, if ever.

Here is a slicwe of the heaviest trading:

Rec. Time Action Price Volume
2:52:02 PM Ask 0.205 5000
2:51:58 PM Trade 0.2 103000
2:51:48 PM Trade 0.2 50000
2:51:42 PM Trade 0.2 50000
2:51:38 PM Trade 0.2 50000
2:51:36 PM Ask 0.201 5000
2:51:06 PM Bid 0.2 5000
2:50:58 PM Trade 0.205 37000
2:50:50 PM Trade 0.209 40000
2:50:44 PM Trade 0.21 100000
2:50:42 PM Trade 0.209 120000
2:50:38 PM Trade 0.205 20000
2:50:32 PM Trade 0.205 50000
2:50:30 PM Ask 0.206 5000
2:50:22 PM Trade 0.205 50000
2:50:16 PM Trade 0.205 50000
2:50:02 PM Trade 0.205 20000
2:49:56 PM Trade 0.205 20000
2:49:00 PM Trade 0.209 25000