Robert,
I agree with your post and would like to add a thing or two.
Looking at the tape for today was the funniest thing I've ever seen in my life. Buy after buy and yet they would lower the ask and bid. Same thing as yesterday. It seems that right after lunch is when they decide to let it run.
Another thing. I would estimate that at least 65% to 70% of the action was buys. Yesterday around 75% to 80%. Now, let's be conservative and say that people are holding 70% of the float (and I will use 8,000,000) that's 5,600,000 being held with only 2,400,000 left to be traded. If we see the same kind of buying pressure tomorrow it will be interesting to see how the MM's react.
IMO, one of them is shorting. It's hard to tell who since I am trying to watch a few stocks at once. This looks to be the ultimate "squeeze" if the buying pressure continues. Soon the shorts have to cover. Once they do, it's off to the races.
Now, my only concern is the total outstanding shares. I would like to know how much the insiders hold. Also if there are any preffereds waiting to be converted. We don't want any surprises. If anybody can help on this one it is appreciated.
Tomorrow should be interesting to watch. With all the profit taking on internet stocks today, people could be in the buying mood.
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