Too much profit taking for Kris Energy. This stock was never in my watch list so I don't usually monitor it until I saw it today in the Top 30 Volume and went to scan the chart. When BBs book profits, it's usually a bad omen. The profit taking in Kris Energy was huge and resulted in a huge gap down today. It was not the news that drove the price down, it was the booking profits process. The news would appear later to create fear to the public. The news released per below.
KrisEnergy: Vietnam Cua Lo-1 Will Be Plugged And Abandoned.
10 Jan 2014 09:30
The Cua Lo-1 well was drilled to a measured depth of 2,867 metres, or 2,837 metres total vertical depth subsea. Based on log interpretation, several gas bearing sandstone reservoirs were identified. A drill stem test was conducted on a reservoir evaluated with the largest potential within the prospect. Although gas flowed during the test, the poor reservoir deliverability rate combined with high carbon dioxide content suggests that development of the tested reservoir will be unlikely. The well will be plugged and abandoned...
Ronald K - Market Psychologist - The Big Speculator
