I was rushed at the time, so let me repeat. During normal periods of weakness, the slightest sell order with out a buy would cause the bid/ask to plummet.
OK, today at 1018, 75,800 shares had been traded and the stock was at 1.01 by 1.04. In the next 23 minutes, 94,200 shares were traded and of those 91,000 shares were SELLS, yet , the bid/ask never fell below 1.00 by 1.03. Don't you find that to be strange?
Then at 1042, a 50,000 share BUY occurred and the bid/ask was 1.00 by 1.04. After that more buying and some selling occurred, I stopped the detail tracking and we crawled back to the 1.03 by 1.06 level.
It just seems to me that our shorters were artificially keeping the bid at 1.00 or more. My theory is that they may have thought that if the price fell below 1.00, a huge wave of buying would occur and they might have to chase the stock to 1.10 or higher to cover. Any other thoughts?
I'm not a tape honcho, I can only compare it to yesterday when the slightest selling would cause the bid to fall.
TraderGreg |
