There it was folks. At 10 minutes before the close some worthy elephant took PNRA all the way up to 59 with 1 minute volumes of ~33.0 K and ~40.6 K shares. Monies involved are $1.93 million and $2.39 millon, respectively. After a mere $435 thousand at around 59 the optimistic elephant gave up and the next minite of trading was below 58.34.
Tomorrow should be another one of those interesting days.
It is a personal euphemism for the institutional money management firms and mutual funds which are the principal owners of PNRA. PNRA has such a large short interest that the over 100% of the stock is held by "elephants". I assume hedge funds are the source of the big short interest. There is virtually no significant real "free float". This board has its "Bulls" and "Bears" but their positions or thinking have little real impact when the "elephants" stampede which they occasionally do. Their buying or selling really determines the direction of movement of the stock price.
Yes, I guess this market is a "Zoo". IMO, some of he posts on this board confirm that from time to time.
From the zoo: Down 1.47 at 11:17 EST. This is not measured, responsible trading activity. Obviously an irrational selling of stock by some entity with a lot of stock. It is much easier to say, "elephant stampede".