I was just looking at the trades yesterday and trying to make sense out of some very erratic behavior. There was very orderly trading until 14:03 when 50,000 shares went over at .45, these were followed by a 20,000 share trade at 15:07 at .42 and a 15:35 trade for 30,000 shares at .41. The final two trades of rhe day went over at .40, each for 500 shares.
My sense is that the mm's back the bid AND ask off when a large sell comes , almost as if they are anticipating other large sells to follow. This possibly discourages buyers from stepping up to the plate however this is the exact time it appears buyers should be buying. There was no supply imbalance yesterday that should explain the drop in price.
If I could offer any advice to buyers or sellers it would be to realize this is a very thinly traded stock, especially in dollar terms. Do not buy or sell in quantities in excess of 10,000 shares. Split up your orders; because you will end up paying dearly to see it done all at once.
3/12/1999 09:41:10 S 5,000 0.47
09:41:15 S 1,000 0.47
09:41:38 S 2,500 0.47
09:49:49 S 5,000 0.47
09:54:55 S 2,100 0.47
10:07:03 S 1,000 0.47
10:11:55 B 10,000 0.45
10:12:21 S 500 0.46
10:13:47 S 25,000 0.459
10:16:06 S 6,000 0.46
10:19:51 S 5,000 0.46
10:19:59 B 10,000 0.46
10:34:33 S 300 0.46
10:51:50 B 400 0.45
10:53:30 B 24,000 0.46
10:56:20 S 750 0.48
11:09:30 S 2,000 0.49
11:17:03 S 5,000 0.49
11:17:07 B 5,000 0.47
11:18:37 S 500 0.49
11:19:54 S 5,000 0.49
11:21:47 S 1,250 0.49
11:22:35 S 3,000 0.49
11:24:49 B 3,000 0.47
11:26:06 S 4,750 0.49
11:26:13 B 10,000 0.49
11:29:06 S 2,000 0.5
11:33:01 S 1,000 0.5
11:35:43 S 3,000 0.5
11:37:21 B 2,500 0.48
11:38:28 S 10,000 0.48
11:46:58 B 5,000 0.48
11:48:36 S 5,000 0.48
11:52:06 B 5,000 0.48
11:59:45 S 200 0.49
12:02:05 S 1,500 0.49
12:03:14 S 750 0.49
12:20:52 S 1,000 0.48
13:02:05 S 575 0.48
13:18:00 S 720 0.48
13:42:50 S 10,000 0.48
13:54:03 S 950 0.48
14:03:26 S 500 0.46875
14:03:38 B 50,000 0.45
14:03:42 S 25,000 0.46
14:03:42 S 5,000 0.46
14:14:07 S 760 0.47 NO N
14:36:52 S 2,000 0.47
14:37:38 S 1,000 0.47
14:43:12 S 3,000 0.47
14:54:38 S 300 0.47
14:54:52 S 1,000 0.46875
14:55:10 S 4,000 0.45
14:55:10 S 1,000 0.45
14:55:14 S 1,000 0.45
14:55:18 S 2,100 0.45
14:56:43 S 5,000 0.44
14:56:57 B 10,000 0.44
14:57:47 S 5,000 0.43
14:58:29 S 5,000 0.43
14:59:13 S 3,000 0.45
14:59:24 S 400 0.45
15:03:10 S 2,000 0.45
15:07:20 S 5,000 0.42
15:07:29 B 20,000 0.42
15:07:38 S 5,000 0.42
15:07:38 S 10,000 0.42
15:12:23 S 10,000 0.42
15:12:44 S 5,000 0.4375
15:13:12 S 3,000 0.4375
15:15:02 S 760 0.47 NO
15:15:54 S 1,000 0.43
15:19:03 S 2,639 0.42
15:22:07 S 500 0.42
15:25:28 S 6,000 0.42
15:26:53 S 10,000 0.42
15:28:00 S 3,500 0.42
15:29:01 S 1,000 0.42
15:33:52 S 5,000 0.42
15:35:12 B 30,000 0.41
15:37:11 S 500 0.43
15:39:28 S 2,600 0.43
15:39:36 B 2,500 0.4199
15:44:24 S 6,500 0.43
15:55:14 B 500 0.4
15:59:21 B 500 0.4
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