while not a strict contrarian indicator, cramer is close. the stocks i own that he's touted or trashed go up or down, respectively for a few trading days. i would imagine that there are some algo trades programmed to pump and dump / dump and pump accordingly to shake out retail investors.
nice day to dump. day before ex- div. All the while NG is up nearly 2% today.
Anyone buying this stock should be looking forward to mid 2014-2015 when Lindbergh becomes a significant asset, right now the stock annalist aren't looking at that, they are looking at past stock technicals such as trading volume, and the fall in the share price. With the troubles in the world economy that Cyprus is exemplifying this situation is going to give buyers several opportunities in the next couple years, note that even though the world was nearly brought to a depression oil prices didn't fall by percent as much as they have in other similar situations such as the 80's severe recession. Europe and the US recovery may be sluggish, but I believe the rest of the world will recover much faster, keeping world demand for oil high.
I picked up another 670 shares today. Now in for over 4,670 shares. I see tis as a value play. The Cyprus is a side show. They should have took the deal as I suspect the banks will be insolvent on Thursday AM and many will see maybe 50 cents on the dollar for the deposits. Only question is there a EU 100,000 deposit guarantee ( Like the USA FDIC ins). I like companies trading at sharp discounts to NAv ( PGN nav is 8.60 ). My average now is like 4.40 a share with a yield near 10.9% Been notice the recent run up of NG prices. Thas year we hit 2.22 low on NG and the stock was near 10.00 ( yes div was .07 per month). I suspect the 1QRT P&L will be a lot better then 1QRT 2012. GLA