It's about time. Now will we see anything close to a true value? Will it get close to the $8-9 book value?
A lot of shares have traded lately. At least SOME of those shares were bought by shorts trying to cover. If the upward trend continues, the supply of sub-$5 shares could dry out quickly. There are a lot of people who have bought lately at $5, and with 4 easy, substantial reworks coming only soon, those people have absolutely no reason to sell.
All risk is to the upside now. Shorts who hang on are taking an awfully big risk, while longs are in practically risk-free. Just think what 2013 will bring about in the Cook Inlet!
Next resistance point is approximately $5.30 -- (and maybe as high #$%$50) -- but nothing significant above that until it hits 7. Expect a difficult battle around 5.30 -- and if it breaks that with volume it will run fast back to book value, which I estimate to be around 7.30. I'm not so sure that it will run past 5.30 without some more news (and lots of potential for news now) -- but the downside is probably limited to 4.50 now that Ru1 working. Oh it could go to 6 or so on a good day, and then come back down a little, but tendancy is definitely up. A good position for a long to hold -- until further notice....... this next couple of months could be fun!
Market is in deep doo doo now. Draghi back in the headlines, fiscal cliff, Lolbama back in the White House. Shorts have got to be licking their chops for now. Stock needs some good news on RU3 to hang in there this month.