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Microcap & Penny Stocks : CTIG
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To: Madeleine Harrison who wrote (32)3/17/1999 12:51:00 AM
From: Eric Fader  Read Replies (1) of 319
 
Mads - I believe virtually all of the shares that traded at the offer the past 2 days (at least those sold above .29) were sold short, and there haven't been very many people helping the MMs cover. With a thinly traded stock like this one, the MMs never want to hold any inventory -- it's too risky -- so they sell stock first and buy it back second. If a MM sold stock short at .34, he's not going to want to pay more than .34 to buy it back. At this point, the volume of traded at the ask in the .39-.41 area hasn't been high enough to force the MMs to bid higher than .34 to cover, but a few more buys tomorrow and it could start to get interesting.

I've been told that there's a strong possibility of another news release in the next week to 10 days. Did you get any sense of that when you spoke to the company?
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