Maybe another possibility (just looking/hoping for an alternative to the
"share dumping" theory, which sounds very real):
THIS MAY BE SO FAR OFF BASE IT AIN'T FUNNY . . . but lately, I've made a
lot more $ in my dreams than in the marketplace:
Since IMMM hit its top of $1.35 around 1st of February, lots of selling
Feb-Apr, as drill date kept being extended, weak hands leave.
Predominant selling = lots of shares in somebody's (ERNS?) hands.
During this time of share accumulation, ERNS has also been shorting
IMMM to keep share balance close to zero (supposedly the optimum for MM's?).
Entering May, ERNS is both LONG & SHORT a buncha shares. What to do?
Drilling finally begins, UPR/IMMM are "tight-lipped, maybe good news.
ERNS says, "Maybe something good in the making - let's go ahead and cover
our SHORTS."
Not wanting to pay more (or even as much) to buy back shares they had
loaned, ERNS (controlling the ASK price) keeps price artificially low
as they buy back shares.
This is reason that many high volume, mostly BUY, days in May have resulted
in stagnant to lower prices.
Feel free to shoot holes in the above or disregard totally.
This thought has served one purpose . . . I've felt better for last few
minutes thinking about it.
FWIW, from e-mail over the weekend, looks like 3 of us have contacted
the SEC re: MM activity in trading IMMM. I received a nice (form letter)
e-mail telling me that someone should contact me within 30 days. They're in
no hurry, but if MM's are the culprits, maybe this will help.
Of course, if EM-Sounder is the culprit . . . oh, well; no need to save
me a seat of the lifeboat - if the ship goes down, I'm going with it.
Good luck to all,
David
One last thought - if shares are being dumped, looks like dumper has
finished his/her/its/their dumping. Friday volume (from memory) of about
100K averaged roughly 4K ($500-$600)per trade, and today's volume
(17.2K so far) means no big boys playing.
Also, if an insider is trying to dump restricted shares, seems like
the first trading day of the month would be an ideal time to do it.
For today, maybe low volume is good - no big selling, and no buying since
we're all scared to death/somewhat returned to our senses/broke/whatever.
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