But why the drop? Supposedly, the announcement of January 11th was widely anticipated. National Bank Financial explained the drop on that day by the fact that it was now anticipated that Suncor would also cancel the Voyageur Upgrader around July 2013. So nothing good was expected from the oil sands.
As you say, there is nothing to move HNL up now, except undervaluation.
I am upset because HNL turned out to be my worst investment in a while, and I bought HNL because it was supposedly safer than BDI, who is doing fine. Anyway, enough whining!