To all tape readers:
Uneventful day, mirroring yesterday. And therein lies the strength!
In the past three weeks we've seen in excess of 5 million shares
traded yet in the last three days the MMs have struggled to find
less then 160,000 sells to them. And it looks like 30,000 of those
sells today were the DCTCers picking the wrong stock!!
I've been more nervous over some 90-day Treasuries than I am with
this muscle-building dynamo. And yet the MMs managed to add 51,600
shares to their inventory today at under 5.50. Some people!!
But FTELers added 83,000 shares to their inventory. The net
effect is the MMs will be keeping the trading in this 5.30-5.65
range until news or effective institutional due diligence releases
the horses from the gate.
And, as mentioned in an earlier post, the FTEL thoroughbred will
be joined in the winners circle by all of us!!
As Raleigh mentioned earlier, there is some suggestion on the
tape that tomorrow will show upward pressure. The ask never
dropped below 5.50 all day (the closing ask of 5.42 occurred
in the final seconds. Ours is not to reason why!). This implies
the MMs are expecting some higher prices or still covering a
short position. Regardless of the reason, any selling to the MM
bounces off strong resistance at 5.30. And it will gap up nicely
on any sustained volume. And the driving force behind this volume
will be the FTEL stories which at present, still appear to the ordinary person as a version of Aesop's Fables. Once upon a
time, in the Kingdom of FTEL, there lived a man with a vision and
he was known as Sir Frank........... |
