A selloff on low volume reminiscent of late last year has taken an 11.03 percent bite out out of ERHE's share price this morning. The stock tumbled $0.07 to $0.605.
It all happened with no sign of bad news - or any news at all.
Almost all oil stocks have been hit, however, with both ChevronTexaco and ExxonMobil taking hits and the broader market off 73 points at 11:52am EST.
The dizzying fall from a recent high of $0.745 has unnerved some investors.
Bashers on the Raging Bull ERHE message board are working overtime to capitalize on the opportunity to buy cheap shares, while longs are stymied by the lack news regarding the final resolution of the Nigeria-Sao Tome and Principe Joint Development Zone round two block awards.
The price bounced off $0.605 moments ago, however, and hit $0.63 at 11:56, then fell to $0.625. Volume stands at 980,129 after an extremely slow start. The bid and ask are changing rapidly, and while the last trade at 11:57 was for $0.62, the bid and ask are both currently at $0.61 (and that just changed to $0.62).
At noon the volume was 1,068,200. Sells ran 2:1 ahead of buys.
We believe important news is minutes away.
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1 comment:
What do you mean by no sign of bad news? Didn't you see OJ2 post on RB?
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