So close, and then… This morning is not a good start. But perhaps after several days up, it was time for a breeder, although there was hardly an overbought situation.
It’s a pity, because we were right there on that 50 day moving average. In fact, yesterday we had already breached it a little bit at 20.70, only for massive amounts of shares to be thrown in once again to stop the rally getting out of control.
Apparently, that’s something that the shorts really don’t want. We have no other explanation. Every time the rally really seems to be getting interesting, then suddenly a massive amount of supply appears. That really looks like the shorts.
If it happened once or twice, there would be other explanations, funds getting cold feet or so. But we’re watching this like hawks. It happens a lot. Large buying interest is shortly met by large selling.
There is some silver lining though, buying calls is becoming cheaper once again. And we’re only half an our into the trading day, there is a lot that can happen still. We have a feeling this will be a temporary setback, shares rarely go up in a straight line. Some shorts should be just a little bit too nervous about those upcoming drilling results..