.

Seems to be on the level. As long as there is not a 4pm sell off.

interesting day so far - limping back up a bit - next 75 mins will tell

but beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeennnnnnnnnnnnnnnnnnnnn a good run!!!

Would not want to be out of this over the weekend. YEhaaaaaaaaaaaaaaaa

Portfolio review of the week July 9th 2011
SATURDAY, JULY 9, 2011 AT 1:06PM
http://contrarianinvestoruk.squarespace.com/

Xcite Energy (XEL) - It was another good week for the portfolio courtesy of some fortunate, well timed trades in Xcite Energy as it swung up to 250p and then finished the week at 193p, after a 7% fall on Friday. It moved into the 185p zone during Friday afternoon and I bought back some positions on the sell off after ditching the bulk of my holding on Tuesday afternoon. Xcite is proving a traders dream at the moment with the significant volatility. After dropping to just over a pound prior to the announcement of 2.3 million in director purchases early last week, the move upward has been surprisingly strong. With the shares dropping below the 2 support level on UK AIM, the early action next week will be interesting, particularly with Toronto finishing at 2 after a late rally. After the blood bath of May and June for this company, its nice to be finally making some money from it!
--------------------------------------------------------------------------------

You can buy back now, cheap as chips as they say.

Might get in only at 150p.

Came down to 173.50p earlier on and still falling.

Do not buy yet, till I told you so, retracement is not all done.

re - contrarian investor

It looks like the "contrarian" was ready to give some of the gains away on buying on Friday, far to early by my calculations
Funny how he says figures but not the price he bought or sold

i think you'll find he says he bought at about 185, but not very relevant.

chart looks vile and order book is still 2:1 sellers predominant ..... no real reason for the current malaise, but round 140 MAY support, but see nothing before that - except, as always, if general sentiment changes

late rush to close short positions, but prob mainly day traders so put not your faith in any sudden rally

I call it retracement, other say profit taking ..........

July 11, 2011 8:01 pm
By Neil Hume and Bryce Elder

Elsewhere, North Sea oil explorer Xcite Energy , down 9.7 per cent to 174p, was hit by further profit-taking

http://www.ft.com/cms/s/0/a4e02364-abd3-11e0-945a-00144feabdc0.html#ixzz1RpVxzCEe

timeline expectations

1) ES submitted (starts with public notice) - end of July
2) Rig delivered for fitting (3 mth minimum) - end of July
3) Formal DECC submittal - sometime Aug/Sept/Oct
4) ES approval and DECC approval - end of Oct
5) Rig moved to Bentley - early Nov
6) Spud - early to mid Nov

Markets very red over night, could see 1.50 today. dam

There is something much mores serious than the o/a market sentiment here.

At the moment the only profit making or taking is on shorts......nothing but red for me....impossible to predict this blinkin' market...

TIME to NIBBLE

Had an early spike down to 152p, but no one would had the chance to get a this price.

The 68.2% Fibonacci gives 158.75p so anything around this price, means is time for a nibble and if it gets better, add some more.

A large spread at the moment but

the last "AT" was at 158.75p and the middle price is also, although on large spread just now

At a loss because of a nibble in the mid-one eighties....will have to stay put.....

Very unusual the 5p spread and hunging into this 68.2 % Fibonacci retracement for some time now 158.75p

Finally the momentum is taking place and on the move 167p

How on earth are you meant to trade this share - it defies logic - now blue.