High Plains Gas, Inc. (OTC:HPGS) gave a good performance yesterday. The only apparent reason for the positive active session seems to be a momentum.
HPGS managed a close at $0.1095 – up 36.88% with volume of almost 4 million, levels it hadn’t seen since the Bolinger Report pump from November.
Back then, the price of HPGS went sky high and so did the volume after the stock was hyped very much out of proportion by the aforementioned report.[BANNER]
As it usually happens, when the hype turned out to be nothing more than a pump, the price went right back down, leaving some inexperienced traders holding the bags.
Yesterday’s performance seems to have been caused by a momentum only as there are no news, no promotions, and no new filings by HPGS. According to FINRA’s daily file, over 40% of the volume was short.
Justified, or not, yesterday’s move provided day traders with an opportunity to make some quick money. HPGS didn’t manage to close at the high of the day which was actually reached before noon. Volume was also lower in the afternoon, and it may turn out the momentum is already gone.
