The millions of shares traded was related to Qec being dropped from the index. The same thing happened when it was added in june 2010.

Qec's announcement of a share buyback probably had two purposes:

1) To help offset the negative impact of being dropped from the index.

2) they hope to buy at 1.30-1.40 now. When they need another financing in a year or two they hope to sell the issue at $3.00-$5.00.

So , if you can buy at $1.30 and sell at say $4.00 , its not a bad strategy.

It'll be really interesting to see how the stock reacts in the new year when tax loss selling is finished and the stock buybacks begin sometime after the 22nd. Then in the spring we hope to see the results of the two horizontal wells and positive news from BAPE.

I'm willing to wait. After all, the downside is limited from here and the upside remains in place.