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re: Official Erin Energy (ERN) thread
Posted on 6/18/15 at 9:39 am to GenesChin
Posted on 6/18/15 at 9:39 am to GenesChin
I wanted to make my first dancing bananas post, but somehow the gains have been erased in an hour. 
If ERN provided proof that a single drop of Lawal's tears could turn a gallon of water into gold, somehow the price would still drop. Heck, it'd probably drop to $3. 
IG, there was a rather large bid-ask spread in this first hour of trading, and I noticed the spread was often large during the stock price decline over the past two weeks. Could you provide any insight into what that could mean? Generally it is supposed to happen when there is a low float or the stock is thinly traded. I haven't seen thin trading, and my rough calculations say the float should be 20-25 million shares, not including any shorted shares. So why have I seen large spreads?
If ERN provided proof that a single drop of Lawal's tears could turn a gallon of water into gold, somehow the price would still drop. Heck, it'd probably drop to $3. IG, there was a rather large bid-ask spread in this first hour of trading, and I noticed the spread was often large during the stock price decline over the past two weeks. Could you provide any insight into what that could mean? Generally it is supposed to happen when there is a low float or the stock is thinly traded. I haven't seen thin trading, and my rough calculations say the float should be 20-25 million shares, not including any shorted shares. So why have I seen large spreads?
1
Posted on 6/18/15 at 10:02 am to Omada
I think there are a lot of shorts, and I don't think the float is as high as your calculations are saying. Maybe 9-10MM. And maybe 6-7MM as a functional float. Could be as much as 3MM shorted right now.
I'm almost wondering if PIC is getting back their original investment. I doubt that though.
The other thing about the spread is if you watch the trades, there are bunches of shares that move outside the inside spread. So hidden orders maybe?
No clue. Like most everything else in life that is good, this will take some time to play out. Hopefully in the direction some of us want.
Having said that, predicated on how you got in, everyone should still be up significantly on this, so no sense worrying about paper losses.
I'm almost wondering if PIC is getting back their original investment. I doubt that though.
The other thing about the spread is if you watch the trades, there are bunches of shares that move outside the inside spread. So hidden orders maybe?
No clue. Like most everything else in life that is good, this will take some time to play out. Hopefully in the direction some of us want.
Having said that, predicated on how you got in, everyone should still be up significantly on this, so no sense worrying about paper losses.
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