Not sure about whales, but whenever stock moves close to 3%, it is not retails doing the work. It is ALWAYS the bigs as I have said before, and jamssams100 if probably right that big shorts are a significant part of it. All the bigs have high frequency trading capabilities, and profit from volatility.
Ed, it's time people understand what's going on. These cycles are very much hedge/shorts doing their thing. They short and drive the pps down, then they slowly cover enough shares and the pps goes back up some. They are likely just re-loading for the next round. Our good "friend" doublebagger knows this game well, and participates in it himself. Smart investing, though not good for "pure" longs. In the end when IOC pulls this off things will change, but not for a bit I think.
You may be right or at least partially right. I still believe that big investors are accumulating because of IOC's supressed value. If you recall our biggest investors did add to their share count last quarter. Even if what you say is mostly true, the pps value will still do a slow rise from cycle to cycle.