Ed: Don't really have a clue as to who was selling big time. From the charts I follow, it started on Aug 3 and lasted almost 2 months.
The Aug 3 date was a key date in the CC deal. I believe some of the selling came from them but not all. From the shape of the data, my guess, and it is strictly that, is that Ariella had the right idea; this involved an Israeli fund getting hurt by the collapse of the Russian ruble. Perhaps, a number of hedge funds have had to unwind over the period coincident with CC selling. At any rate, it appears the relentless selling is over, at least for the time being. Additionally, accumulation seems to be occuring.
We do need to remember that anytime CC holders convert,they do so at the average of the lowest price for the preceeding 5 days. Lord knows what effects will be created in this process.
In the final analysis for investors (vs. short term traders), coin-of -the-realm here involves sales by BOL, an HU211 partnership with a sufficiently prestigious pharmaceutical firm, and Pharmos's ability to manage its cash needs without resorting to further heavy dilution at low prices.
Regards,
Arnie |
