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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: thomas a. burke who wrote (353)6/11/1998 5:46:00 PM
From: Alan Coccio  Read Replies (4) of 5541
 
This nice little drop today was not retail trading in my opinion. Watching the trades, the market makers began dropping the price almost immediately this morning as soon as the second sell order hit. As the day progressed, there was a definite pattern to the sell orders each time a new low price point was hit.

These guys aren't even subtle about it when they do things like this. What we saw today was almost certainly market maker shorting of this stock. Not a damn thing we can do about it either other than to wait it out. If I had to guess, I would say the bottom is going to be at 20 cents on the bid side. I derive that from the positioning of the market makers. Currently, there are two market makers at 22 cents, two at 21 cents and 10 at 20 cents on the bid side.

It will take some pretty strong buying to break their back on this one. Considering the size of the float, they can hold a huge short position. Of course, they may buy their way right out of it now that they have at least 10 cents profit on those short sales. If we get to the 20 cent mark and suddenly see huge buys hitting the tape, we'll know they are evening up their positions and we can expect the price to rise again. That'll be the time I jump in with both feet and buy all I can.

This is all a game and we must play by their rules unfortunately.

Alan
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