Wireless Show Highlights Mobile Phone Tech
and the stock is down.
GRUBER & MCBAINE CAPITAL MANAGEMENT is selling out of their position. We will have a quick reversal once they finish. It may affect our price over the near term but Gruber is not a company to follow if you want to make money. They buy through a tanking stock and sell out at a loss when it is going up all the time. I almost feel better about making money knowing their jinx will be gone.
Somebody is playing with this stock. Between 3:15 and 3:30, 13,423 shares traded in a range of 2.92 to 3.02 ($0.10), from then to 3:45, 13,083 traded in a range of 2.81 to 2.97, closing at 2.92 followed by 13,140 at 3:45 to 4:00 in a range of 2.88 and 3.05 closing at 3.05 � so what happened? Combine this late-day activity with what might have been a previous attempt at around 10:45 when another 25,615 block of trades were executed in a 15 minute block, and maybe there�s a pattern. These four, 15-minute blocks accounted for 48% of the day�s volume.
My guess is that someone with a little bit of money (<< $50,000) decided to make a quick $5000 by selling into the trade, triggering a bunch of stop losses of some spooked out, amateur little weasels that allowed the scammer to get a quick 10% gain for 30 to 45 minutes work.
Take a look at the time&sale info and you�ll see some old lots of 643 @ 2.83, 804 @ 2.83, 853 @ 2.81 then it jumps on the next trade back to 2.92 and continues up from there. This sure looks like stops being triggered, not reasoned trades being made.
This isn�t someone with 650,000 shares to dump. This is a widow, orphan or weenie with too little guts to stick in the trade, who listened to a �professional� trader who said to set a �stop� on a low-floater, illiquid stock that every true professional could see coming just by watching their screens, and was able to �steal� the weenie�s stock from them for a nice 1-day (or better, 30 minute) gain.
This is a low-floater, folks. You�d better be in this for the long-term (3-12 months) or be ready to get fleeced by someone with a pittance more money than you�ve got who can see your stops set, and take them out.
For me, BitStream is solid, is likely food-fish for Adobe or MicroS***t or maybe can grow-and-go in a mobile world, but is clearly worth more than $3.00/share and likely worth a lot more than the 52 week high of 5.30 set on 12/3/2004.
But, it�ll never get there unless gutless wonders stop selling their shares to charlatans who are laying in wait for the meek and weak.
Good safe move-nice gain. We broke down today and had a reversal when the institutional buy interest kicked in (the larger buying interest definately did not come at market but it is there.
With a larger position the Institution buying may start coming at market for appreciation. Chartwise it looks great for a reversal tomorrow but this stock trades on such low volume you never know.
Gruber has been unloading today on a grand scale ??
McBaine will be following tomorrow ?
Back at 2.60 it is time to pick up some shares.
Of course the Wireless Show in New Orleans was not the stage for the big breakout of Thunderhawk, but apart from that BITS is doing well lately with their other lines and it certainly has upward potential.