AM Selloff Starts The Week, But Strong Buying Follows

A burst of modest selling opened the week this morning, with ERHC Energy (OTC BB symbol: ERHE) losing one one-thousandth of a cent on Sell volume of 92,124 shares in the first half hour. There were no purchases at all, but 15,000 shares were unidentified.

There appeared to be no particular reason for the selloff. It seemed likely an investor was liquidating a small position.

The selloff amounted to 19 separate trades ranging from a few hundred shares to 14,000 in size. Most were in the 2,000 to 5,000-share range.

The late buying on Friday included some 300,000 shares purchased over the space of half an hour, with one Buy of 100,000 shares and three of 50,000 shares in that time.

It appeared that buyer was giving back some of the shares this morning, and the selling seemed to come to a halt after the 92,124 shares moved.

The oddity remains, however, that there was not a single recorded Buy this morning before or after the last 10.02 trade.

Update: By the end of the day, the trend had dramatically reversed. Substantial buys, including several of 50,000 or more and one of $100,000, saw the day end with a 2:1 edge of Buys over Sells. More than 1.2 million shares traded, with 853,898 Buys and 433,524 Sells recorded by the ADVFN service at end of day.
Only 16,000 were unidentified.

The initial selling spree ended abruptly at 10:29am with the price dropping just one-tenth of a cent, and the buying then began immediately with 162,000 shares snapped up in consecutive Buys over the following 20 minutes. It seems clear the modest selling was only intended to push the price down for the same person to re-enter and purchase the same shares at a slightly better price.