LEVEL 2 SHOWS SOMETHING VERY INTERESTING
In rough terms there was about 100,000 shares of buying around 50 cents this morning, the rest of the buying, which looks to be about one million shares, occurred steadily as the MM's tightened the B/A and raised it slowly to $1.00. As soon as a few buys occurred at the $1.00 level they started dropping on limited selling, then they tanked it all of a sudden.
Bid/Ask was .7655 x .906 at 12:13:25
then .64 x .90 at 12:13:28
then that induced a modest number of selling from .56-.625 over the next few minutes.
So, I am guessing that there was a million shares of buying on the way up from 50 cents, but only about 1/10th that of selling on the way down.
Now they are widening the bid/ask in the attempt to slow things down. All in all, though, lots of people are in this stock and seemingly holding. A good sign.
If volume comes back, especially if it is based on news, we could hopefully break through the $1.00 mark this time.
I like this stock. Maybe someone wants to call the company and suggest that if they have news to release now it might be a good time to do so.
above info is an educated guess...don't have time to analyze now, but no question they tanked it much harder than was deserved. |
