As we all know, GUMM is up each day for 11 consecutive days, today should make it an even dozen. The average move has been up 5/8 point per day. Rises early in the day have typically be moderated by some selling or lying low later to restrain the daily gain. IMHO, someone is doing a masterful job of accumulating the shares. It has gone up relatively quietly, without any significant daily rises (i.e. - up 10+%). Average volume for the past seven days is 230K, vs. an avg. of 157K over the last 30 days, leading me to conclude the buyer may be picking up about 75,000 shares daily or roughly 50,000 if you take out some of the double counting in NASDQ reporting.
The nice thing about this slow and steady rise is that the shorts are suffering a slow death, and are likely not rushing to cover. Some day soon, they will be faced with margin calls, but, they probably won't cover willingly until the shares start going up on significant daily rises.
This is just my interpretation, but it mostly seems apparent. |
