We felt pretty strongly that we'd enjoy a strong bounce from the $0.50 level we reached last week, and we did. But we have some doubts that it will happen again.
With no official news from ERHC Energy (OTC BB symbol: ERHE), and the news of the awards receding a little further from memory every day, and buying interest apparently drying up, we may be the first oil company with billions in prospective oil assets to enjoy a share price that is well under the cost of a Hershey's bar.
Today we learned on PalTalk that many of the so-called "longs" on the Raging Bull board who had been urging others to buy the stock got together and dumped it into the rising sales volume on May 31 and afterwards.
We warned you about these vicious manipulators, people like the walldog0, oldintheway3, trashtalktx, the feces-obsessed swingingk, CheCardinaR, awlright, tryagain21, thedane, oiljunior, and others, but they have taken over the Raging Bull board and pushed out any honest investors so that they alone can "train" the newbies in the fine art of learning how to lose money to them.
These slimy dirtbags of the investment world are destroying the market for ERHE, and lead me to believe that its future is grim unless the SEC does step in and probe their trades, as so many have urged it to do.
Meanwhile, trading today ought to pause from the recent decline, perhaps recover a few cents, and end up in the green, albeit on volume that once again may be limited.
Update, 8:06pm EDT, 6/15/05: We closed in the green at $0.008 on volume of 1,607,300 shares; the Bid and Ask at the close were $0.535 x $0.54. We were helped by a token expansion of daily production ordered by OPEC and rising oil prices.
Update, 1:55pm EDT, 6/15/05: We are enjoying a little spurt in volume to the 1.5 million range, but we are where we started the day, at $0.53.
Update, 1:55pm EDT, 6/15/05: The price is $0.55 after hitting a high of the day of $0.59 about a half hour ago. The low this morning was $0.50, so a nine-cent swing must have pleased the day traders, who are now cashing out. Volume is 1.2 million shares.
Update, 12:13pm EDT, 6/15/05: We're up at $0.58, the Bid, and the Ask is $0.585, so for the time being we've recovered most of the past two days' losses. Volume is 849,429 shares.
Update, 12:00pm EDT, 6/15/05: The price is moving up and is now at $0.559, but there's a three-cent gap between the $0.55 Bid and the $0.57 Ask, down from 3 cents a moment ago. Volume is strengthening to 738,509 shares.
Update, 11:02am EDT, 6/15/05: We climbed a bit, to $0.54, and the Bid is now at $0.535 and the Ask at $0.54, on 424,042 shares of volume.
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