Have any of you considered the fact that the pros were distributing stock yesterday.
I have seen this move before. No news high volume move up for 1 day, then the effect of gravity over the next few weeks while everyone tries to figure out why the big move. And before you know everyone is saying that they wished that they had sold.
On distribution the price per share suffers. This was more likely accumulation. I don't know why. But the March options expired on Friday, perhaps some large holder(s) ran it up (at no cost to them) in order to sell upside calls. Gaming the option buyers, perhaps?
Or news pending from the wells, the wildcatters have cell phones you know.
Or someone poking around with a buyout, long shot.
Or just more tomfoolery by the specialist (s)who are nafarious and have checkered pasts which have been, in the past, a problem with AXAS, though usually after the close on a Friday with millions share deals under the table.
Watch and we'll see, happy hunting!
Actually distribution by the pros happens with price and volume increase, which is exactly how the retail investor gets sucked in and is left holding the bag, and the pros had someone to sell their stock to.
Who knows, this thing is a penny stock and will not really follow any rules.
What we do know is company insiders made direct purchase early this year of whic two were k @ $2.25 and an other was 2k @ $2.25. I am in for less that them and currently in the green.
I am wondering if Monday's move with good volume may have made some shorts review their risk/reward ratio and maybe reconsider their possitions yesterday. I really don't see any none index funds buying a penny stock so that is not the likely mover.