To all tape readers:
What a day, truly classic in the represented committment to
FTEL and its future! A volume of 148,600 today with 45,300
selling to the bid. But of these 45,300, over 72% were sold
at 5.56 and 5.62!! In other words, the MMs were only able to
pick up a miserly 6,300 shares at 5.50 or less. With that degree
of strength screaming so loudly at this level, we can easily
identify the factors that would reverse this direction. The
first being a long quiet period and the second is bad news.
Will members of the audience who think that either of these
events will occur please raise their hands.
A quiet opening (still waiting for the news and institutions
to get us back to 200,000 shares per half hour!) with about
46,000 shares traded in the first couple of hours. And as the
first paragraph noted, less than one in five were selling. The
next couple of hours showed the same muted tone with again less
than 20% going to the bid. Quiet periods usually send a stock
which has experienced as meteoric a rise as FTEL into a downward
drift as there are so many holders in high profit positions who
decide to take them. But again, to repeat, the FTELers are
maintaining the faith!! Even the small retail, short-timers!
There was NO SELLING and the MMs chased it.
And it was fun to watch that chase as you could almost literally
feel the grimace of the MMs as they laid out the cash for 15,200 shares at 5.56 and 17,500 shares at 5.62.
And then the bell for the final half hour was wrung and the
MMs thought that meant to move into the Tennessee two-step.
The bid/ask was changing, on average, every two minutes. At
23 minutes to closing the bid was at 5.62 and there was a sell.
The bid dropped to 5.56 and in the next five minutes there
were 5 mids and 1 buy (NO SELLS). And yet the bid was dropped
to 5.38!! And there was a purhase from the MM which raised the
bid to 5.42 with two more buys immediately occuring (NO SELLS).
BUT THE BID WAS AGAIN LOWERED! TO 5.38! Two mids and the bid
moved back to 5.42. The session ended with 7 more trades of which
only one was a sell and closed at 5.50 bid and 5.56 ask.
Whew! Dancing wears me out!
The above was a colourful way of saying there's a cocoon
around the FTEL shares with the MMs hovering around the
perimeter trying to grab any they can, continually poking,
prodding and teasing. But they can't find any. And when
volume comes in, it will be like an angry, barking dog
chasing at the heels of those MMs as they push that price,
like a wheel-barrow full of gold, up the incline to a higher
price, to a higher base and a higher net worth to all FTELers!
'Til tomorrow...... |
