....I agree with your conclusion. But one day decission has to be made so we'll see who 's the winner in this battle....Sharky
Just come back from tennis to see who the winner was. You guys did not protected the last strong hold at $1.15.
On more serious note, the rebel conclusion you are referring to are based on the illusion that the institutional investor is accumulating shares from the retail investor.
I suggest that just the opposite is taking place here.
It is the institutions who are reducing their position.
It started with the RJ last week and with the TD who is responsible for about 70% of the volume today. Daily trading history is showing that except the two big swap blocks TD was selling the shares in small blocks of 2000 to 20,000 and that the retail was picking up so call cheap shares.
Smart Money chart clearly show that the pros are on the way out.
As the history tell us, there has to be a good reason for this misery. One of the reason could be a fire sell of conventional assets reported by Scott and the negative effect of this sale as suggested by Booster.
As all of you remember the $800M debt NOTEs are protected by all CLL assets (except PDP). Disposal of LUKE and Conventional Oil assets would require the renegotiation with the CLL debt holders. We know what happen last time we negotiated with banks. We ended up with big dilution.
For one reason or another the Institutional Investor thinks that they can buy the CLL shares at much lower prices.
