To all tape readers:
A very orderly day with not much buying pressure but
absolutely no selling pressure. Imagine a park in which
the same group of dogs have sniffed over, around, and
about for a number of days trying to find anything
which hints at being edible. Well, here they were again,
that pack of MMs spending the whole day poking there noses
in every corner possible but finding very little. And, at
the same time protecting what they do have with a fervour
which matches that big-eared, little guy from Texas!
It appears what they now nervously anticipate will happen
and what they hope will happen no longer coincide!
The MMs opened the morning with a 5.25 price tag on their
early morning specials but only 1 person (trade size of
700) stepped to the table to sell. And that person had to
elbow through the seven people buying at 5.38!
Well, in need of some stock to sell, from 10:00 to 11:30 the
bid inched up to 5.30 where 3 sells were made and then moved
up again to find another 7 sells at 5.38. But there were 11
buys at the same time, with the final two paying the ask which
had moved up to 5.50.
The mid part of the day was quiet with only 33,800 shares
trading between 11:30 and 14:30 with buys and sells about
even. Earlier posts indicated a number of limit offers out
there which weren't filled as the MMs were either still
covering shorts or waiting to sell 5.33 buys at a price
higher than what our disciplined group here is offering
using limit conditions. If some orders to buy from the MMs
came on at market, you can bet there would be a quick boost
in the ask to absorb these!
It was quiet the remainder of the day with the final 25
minutes again showing the FTELers awareness of the MMs
potential abuse. 7 of the last nine trades were buys from
the MM and the MMs sold to these buyers at 5.42 even though
they had boosted their ask to 5.50. These were very likely
limit orders which the MMs had to meet at the assigned price.
The totals for the day were 68 trades totalling 84,300 shares.
The significance was in 75% of those trades occuring in the
5.38-5.44 range. The MMs aren't shaking anybody out and the
controlled limit orders aren't letting the MMs unreasonably
exploit their position. Well done, FTELers!
As is obvious, the heavy money is still on the sidelines.
Substantial early postions have been established in the
3-5 dollar range with, as Raleigh has noted, institutional
bids offering a floor at about 5 dollars. But there is an
enormous amount of smart money out there which has the
acumen to decipher the genetic code of this before-unseen
birth. And soon the bets will be placed on the FTEL square
and the wheel will be spun. And the only symbol on that
spinning wheel is the FTEL crown!! Money down!! |
