To: Ruby who wrote (168 ) 5/10/1998 2:38:00 PM From: Dano Read Replies (1) | Respond to
When a stock is up 500% in four months and only has 75,900 shorts(as of Apr.30th) it gives me little cause to worry about a major sell off. Large numbers of trades on low volume have been present over the past 2 wks. Half of the days the stock traded under 100,000 shares. To me this trading indicates small investors,unaware of the company's present activities, are selling because of some minor day corrections that took place in the broad market and gold dropping to slightly under $300. This is after a wk of activity (Apr.20-24th)where 2.2 million shares traded for a gain of .36 cents. Here the number of trades were small in relation to volume, indicating major money taking their position in emg. They then stepped back allowing the past two wk pull back to draw in the sellers or traders willing to play the bounces. The present RC drilling problems, due to low air density at the site's altitude, has also caused traders to lighten their holdings (looking to play a bounce). The drilling problem will be resolved with the diamond drilling rig possibly getting to the site and pulling core this wk end.
