FIGURE 1.21 PetroQuest: Effective Volume analysis.

pushed the price up from $9.3 to $9.9, or 6.5 percent. How can we explain that during uptrend B the price declined by 3 percent while the net buying by large players was about 170,000 shares? The price should have proportionally increased by another 9 percent.

The B arrow of Figure 1.21 shows that some lucky investor bought 170,000 shares at an average price of $9.9, to see the price increase to over $12 in a matter of two days, as shown in Figure 1.22. This is a no-risk profit of more than $357,000. This is not a hedge fund or an institutional investor—just a standard information leak.

The PetroQuest 8-K filing on January 27, 2006, stated:

On January 27, 2006, PetroQuest Energy, Inc. (the 'Company') issued a press release announcing production and estimated proven reserves results for the year ended December 31, 2005. In

PetroQuest Share Price, 10 days

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