And now we’re saying it on the way up….
Some people were disappointed when we wrote that the share price fall from $80 to $60 probably indicated some disappointing news. It turned out we were right, as the prospects for commercial oil dimmed quite a bit (they have not disappeared altogether!) when news cae out the week after we wrote that.
Now we see the reverse though, InterOil stock rising on no (apparent) news, with all other market indicators moving against it (dollar higher, stocks lower, oil lower, oilstocks lower, etc.).
We know the shorts are covering (from 3.8 to 3M shares the last reporting session). But they do that for a reason. We expect positive news to come out in due time…