The decline here is pretty clear in my mind. Miller has finally broken back into the $5.00 range. Look at a 2-yr chart and you will realize a very large number of investors got into Miller between $5-$6 dollars and watched their investment get cut in half. Now they are back to break-even and they are just happy to get out without a loss. I think Miller's momentum could struggle in the short term until these investors are out of the stock. Then upside momentum can continue.
I can live with that, especially since smart shorts will use the selling as an opportunity to cover under 5. So, while some investors are selling, the short covering should keep it from going down a whole lot.
I agree and in this case ,the investors are bailing out at the wrong time of the year,and dumping the wrong sector.They are only seeing the numbers w/o considering the seasonal treads,market , and news.
Mill has no P/E yet ;and maybe not until they drill for a couple of Quarters..we are working a completely different stradegy.Mill is reworking the osprey platform, rehab of old already drilled wells.They are installing the oil industries "big GUN" ;a rebuilt National 1320 drilling rig ( worth 18 million?) and that is a long term play,not some summer adventure.Mill will drill full time instead of rent a drilling rig from Alaska Home Depo.Just load up on it because the seismic data is already there,and this company is coming into some heavy action.