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Continental Resources, Inc. Message Board

  • john.feneck john.feneck Feb 9, 2012 2:42 PM Flag

    Bakken Competitor GMXR - 10.8 days to cover short position

    GMXR is a nat gas stock that, in 2011, began oil production in the Bakken and other US areas.

    Check out the charts on 2/7, 2/8 and today - we are finding intraday support at $1.54-1.55 each session. Additionally, we traded here briefly 2/6 before staging a huge breakout 2 hours before the close.

    UNG brokeout on its weekly data at 10:30 EST today as well. Historically, natural gas has its best month in FEB.

    I have been watching this trade every day since 2/2. It is obvious that the shorts are waiting to see who is willing to capitulate and put sell orders in at $1.54-1.55 before coming in with buy to cover orders. They are not sitting on the bid - look at the heavy volume each day at the close.

    Longs, we have suffered for many, many months now. This is our time. Look at a 6mo chart of KOG - there is real upside here. I'm seeing this massive amount of short covering in AUMN, LSG, SLV, NFLX etc - these are all heavily shorted, and hedge funds were blindsided by all of the good economic data in JAN/FEB.

    Be patient - GMXR book value is $2.23

51.52-0.13(-0.25%)May 4 4:04 PMEDT