Charlie, it was nothing profound..........
For several weeks, the daily volume was in the 1.3 to 1.8
million shares traded range. Let's say an average of
about 1.5 mil and the price was holding fairly steady.
Then we had a day with 3.5 mil traded, or about 2 mil more
than it had been averaging. We saw that about 1.5 mil of that
was dumped by one or more large holders, and the other 0.5 mil
was buys. The price should drop accordingly, which it did,
about 10%. Logical, right?
Yes and no, I didn't factor in the price manipulation
by the market makers trying to capitalized on this dump.
They, being a greedy bunch, surely drove the bid way
down when they got the word somebody wanted to dump a large
hunk. Then they probably held it down until they had acquired
all they could handle. Next, I expect them to move the price
up in the following weeks to make a quick killing around
the time of earnings release.
Thats the market; some logic, some speculation, and a lot of manipulation.
Hey Charlie, ever spend any time in upstate New York? |
