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Northern Oil and Gas, Inc. Message Board

  • john.feneck john.feneck Feb 7, 2012 2:32 PM Flag

    Competitor GMXR - 10.8 days to cover short position

    GMXR has 10.8 days to cover (source = )

    NOG is in an even better situation

    Therefore, if you have to sell to raise cash, make sure to set your sell orders high, as the covering just began on 2/2. We are not even close to GMXR book value of $2.23. I spoke with IR in JAN for 25min, and they had no intention of selling at prices near $1.00/sh.

    Additionally, the volume over the past 3 days has been amazing. Only once was there as much volume as there was 2/2 and 2/3. (look at a 10yr chart). A high volume breakout like this is very bullish. GMXR is above its 50day avg, and quickly approaching its 100day.

    Even if you are a bear, earnings aren't until 3/1 - and there is simply no way the short interest will be that high by then imo, as hedge funds take profits (virtually every one of them made a killing shorting GMXR. Look at a 6mo chart - that isn't the retail investor driving these shares to levels not seen in 10 years.) This, coupled with a potential bottom in UNG, and we GMXR / NOG longs finally have wind at our back.

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