Today's volume is already 750,000 shares in the first hour or so. Certainly, the news items pointed out by fourdx yesterday are positive, but it was already generally well known what strategy Arum would be using related to Luna and the general status of marketing in Japan and China. Some of today's action is unquestionably momentum players from yesterday jumping out, but this level of volume for a stock not generally well known to retail investors, has to heavily involve institutional activity. And the institutions are well aware of Luna marketing and China and Japan. I cannot help but wonder if word on the Pilar results has gotten out??
up today on big volume after the runup would send a signal to the sideliners not to miss the boat, especially if it doesn't yet break the round number (bargain mentality).
buying at 19.95 always sounds much better than buying at 20, no matter what the product.