Connacher Oil & Gas Ltd
Stocks: CLL CWPC ECA NKO PDP SU TSK UTS
By Don Rogers
There are many CLL.TSX investors who are counting on after-hours market action on Friday to be the harbinger for a short squeeze which they hope will kick off trading on Monday morning. Many feel the unusual after-hours action coupled with a run up into the close signals the long awaited EUB decision will be announced this week. Guestimates range from a dollar to a run-up to over $6.00 by Friday's close causing many long suffering investors to be smiling over the weekend.
On the surface CEO Gusella and his staff have put all the pieces of the puzzle into place with the acquisitions of Luke Energy, the refinery down in Montana, and the Private Placement which raised approximately $CDN100 million leaving the company pretty much debt free and in the position, should the EUB annoucement come down Tuesday or sometime this week, to be up and running and producing within 300-360 days. Mr. Gusella has mentioned in earlier statements they are well along the way to having the SAGD infrastructure ready to go once the EUB stamps their application. Two earlier objections have now both been withdrawn and letters of support issued on behalf of CLL. June 23 is another important date when the Private Placement shares are freed up for trading.
The PP price was $5.25 and the stock closed at $3.85 on Monday leaving just another weeks session to have the price rise above $5.25. Of course with every positive there are negatives but rather than go into those here check out the CLL board for yourself.
Monday's trading should begin what proves to be an interesting week of trading for CLL shareholders. Many of them have their fingers crossed hoping this is the week when all goes according to plan; some are being a bit cautious having been down this road before only to see the move fizzle and reverse lower.
At the time of this writing oil is down slightly sitting at $70.06. Oil pricing, should all the news come in as shareholders hope it will should allow CLL to move against the trend if oil continues to trade lower tomorrow.One of the other complaints becoming more frequent is the perceived lack of volume as the summer doldrums begin to find there way into the markets. Summer trading has always been a challenge, particularly for daytraders who need volume and volatility to open up those daily ranges and provide some spread for them to work with. The latest students I have are complaining the lack of volume is allowing a move at the open, very little movement the rest of the day, and a small continuation of the morning trend headed into the close.
Not very exciting stuff but it allows me to at least spend more time on the market and trading mechanics and to see the moves spelled out over a longer period of time giving them time to digest what they have been shown. On Friday the markets for the most part were like watching the two bottomed ranked teams in FIFA playing for the World Cup in the dark in front of a convention of blind people. There may be something actually going on but no one can see it and no one really cares.
Bargain hunters are out there looking for beaten down stocks, uranium is getting a lot of press, tech stocks are not setting the world on fire and the two day rally fizzled on Friday. All in all not very positive events but all good things come to those who wait. Just ask those CLL shareholders who finally hope to see their patience rewarded beginning Monday morning and through the week.
The Energy and Index watch numbers will be updated partway through Monday's session. Thanks to those who sent their many questions sent to my inbox. I much prefer to answer them in that manner than to take up space in the column. For those who wish to email me with their questions they can do so at rodgers.don@gmail.com
Remember, the amateurs open the market, the pro's close it.
http://www.entryandexitinvesting.com/
By Don Rogers
There are many CLL.TSX investors who are counting on after-hours market action on Friday to be the harbinger for a short squeeze which they hope will kick off trading on Monday morning. Many feel the unusual after-hours action coupled with a run up into the close signals the long awaited EUB decision will be announced this week. Guestimates range from a dollar to a run-up to over $6.00 by Friday's close causing many long suffering investors to be smiling over the weekend.
On the surface CEO Gusella and his staff have put all the pieces of the puzzle into place with the acquisitions of Luke Energy, the refinery down in Montana, and the Private Placement which raised approximately $CDN100 million leaving the company pretty much debt free and in the position, should the EUB annoucement come down Tuesday or sometime this week, to be up and running and producing within 300-360 days. Mr. Gusella has mentioned in earlier statements they are well along the way to having the SAGD infrastructure ready to go once the EUB stamps their application. Two earlier objections have now both been withdrawn and letters of support issued on behalf of CLL. June 23 is another important date when the Private Placement shares are freed up for trading.
The PP price was $5.25 and the stock closed at $3.85 on Monday leaving just another weeks session to have the price rise above $5.25. Of course with every positive there are negatives but rather than go into those here check out the CLL board for yourself.
Monday's trading should begin what proves to be an interesting week of trading for CLL shareholders. Many of them have their fingers crossed hoping this is the week when all goes according to plan; some are being a bit cautious having been down this road before only to see the move fizzle and reverse lower.
At the time of this writing oil is down slightly sitting at $70.06. Oil pricing, should all the news come in as shareholders hope it will should allow CLL to move against the trend if oil continues to trade lower tomorrow.One of the other complaints becoming more frequent is the perceived lack of volume as the summer doldrums begin to find there way into the markets. Summer trading has always been a challenge, particularly for daytraders who need volume and volatility to open up those daily ranges and provide some spread for them to work with. The latest students I have are complaining the lack of volume is allowing a move at the open, very little movement the rest of the day, and a small continuation of the morning trend headed into the close.
Not very exciting stuff but it allows me to at least spend more time on the market and trading mechanics and to see the moves spelled out over a longer period of time giving them time to digest what they have been shown. On Friday the markets for the most part were like watching the two bottomed ranked teams in FIFA playing for the World Cup in the dark in front of a convention of blind people. There may be something actually going on but no one can see it and no one really cares.
Bargain hunters are out there looking for beaten down stocks, uranium is getting a lot of press, tech stocks are not setting the world on fire and the two day rally fizzled on Friday. All in all not very positive events but all good things come to those who wait. Just ask those CLL shareholders who finally hope to see their patience rewarded beginning Monday morning and through the week.
The Energy and Index watch numbers will be updated partway through Monday's session. Thanks to those who sent their many questions sent to my inbox. I much prefer to answer them in that manner than to take up space in the column. For those who wish to email me with their questions they can do so at rodgers.don@gmail.com
Remember, the amateurs open the market, the pro's close it.
http://www.entryandexitinvesting.com/
posted by douglas mcintyre at 6:25 AM
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