Just some thoughts on today's news and trading patterns that I thought I would throw out there for any comments.
The House positions today are somewhat bewildering given the bad news. Why do we have 17 trading houses in a net long position today with only 7 trading houses selling?? Even Scotia which has been net long for weeks went long again today and you would think with their accumulation of millions of shares of late that they would be selling into this Exxon news very aggressively not buying.
I didn't sell a single share today and maybe next Tuesday or Wednesday I will be regretting that decision, but something just doesn't jive with all the buying today. Why would TD, RBC, Cibc, and Scotia be net long on a day when the sky is falling?? If Falcon was critically wounded with today's decision by Exxon, there is no way that any of these brokerage houses would be net long at the end of the day. Was anyone on this board buying today?? Given the recent postings I would think not. Yet there were twice as many brokerages buying as there were selling and even the bids at 14, 14.5 and 15 cents at the end of the day added up to over a million shares that didn't get filled.
One thing I do know, we now need to hear some good news on the fund raising side very soon to give Falcon some liquidity through to the next JV.
Regards Paul
