I have been picking up BTU in bits and pieces over the past couple of weeks, so I am not a long term holder yet.
I was most impressed with volume and movement in the stock today, in particular what happened once it reached the wall at 70c. Many stocks approach such a wall and retreat but BTU holders simply bought their way through it and it was gone in 20 minutes or so.
I was also suprised by the lack of profit taking at the close, sure there was some, but not very much.
I would hazard a guess that a lot of today's buying went to portfolio holders with a medium / LT outlook on the company as even with a 7.70% rise (or 10% earlier in the session) there was not the usual hard core selling at the close one would usually see from day traders.
With the MOU now signed there is less likelihood of existing holders bailing out now things have started to get interesting so new buyers will have take stock from the offer and the offer side of the market is not offering much BTU at all at the moment.
Taking the above observations into account I would expect BTU to show some decent gains on Friday as well and why not when it is not to difficult to justify a $1.00+ price for this stock based on where we stand now, without even discounting future developments.
A good time to be on board with BTU.
EB