The price spiked in London on the news release, but the volumes weren't that big.
Even before the Venture opened, the spike declined quickly and now it's actually down a couple of percent on the LSE.
This profit taking makes sense, since we had such a strong run up last week with virtually no pull back.
I suspect we'll have a bit of back and forth that will even out for the next couple of weeks and start another quick run to $5.00 before the flow rates come out at the end of November.
Of course, we could always have another big up day before that if one or other of these European funds continues to buy in or add to their position.
My short term target is therefore $5.00, but my question is whether or not to hold XEL going in to 2011? I suspect that it could drift back down in the $3 to $4 range with none to little activity to drive the stock price while they establish the initial wells.