Jim,
Well I might qualify as a layman regarding technical analysis so here goes my two pennies with a little market psychology thrown in.
Without clear and definitive current buying pressure to propel GRNO higher based on supply and demand, but with a generally favorable long term outlook on GRNO, the market makers are in a position to test the resolve of GRNO stockholders. They are well aware of the current overall market psych (some fear), the technical position of GRNO stock (weakening), and to some extent the mental stop-loss levels that are in place for a particular stock. Now, knowing the generally favorable prospects for GRNO the prudent action from a MM standpoint would be to buy as many shares at as low a price as possible, which they are able to do by taking advantage of the factors I described above. It is a cruel world out there, huh?
An example of this on a short term basis happened back on 3/12 when BC put out the press release describing his earnings projections for the 1Q and year. You all remember that? GRNO was around 6 3/4 at the open when the quote ratcheted down to a bid of 5 1/2 half an hour before the release hit the wires. No sooner than it hit, the quote was back in the high 6's and voila!, the MMs had some cheap shares all for themselves. I watched the action that morning and it was definitely not a result of supply and demand.
So in closing I agree with the succinct analysis of today's action as stated by Robert K, Robert D, Brad, and Charles.
Gonna have to miss you Okee-boy, might have BULLS tickets lined up for Wednesday. Have fun and say hi to Pete and the Gang!
L2 and Long and LP and (sorrowfully) Dry Powderless Mark |
