whichever comes earlier.
95% of what has been written recently is either irrational or manipulative. In particular, I don't understand the neurotic hand-wringing posts. All who bought knew this is a gamble. They also knew or should - if they had any sense at all - have known that things might not proceed as planned.
Last November, when Noble plugged its well, IFNY got knocked for a loop. IFNY obviously thought they would be in a position to get a good deal done if Noble struck. When Noble pulled out (temporarily, as they have clearly indicated) , IFNY had to go the extra mile and do 3d. And they did. However, it seems to me that the 3d was not sufficient to get a deal on terms that IFNY could accept.
I am certain that IFNY received offers from at least one or two name players; but I suspect they looked at IFNY's cash position and decided they could get the deal for peanuts. So I believe IFNY went a different route: they decided to drill the first well or two on their own. And I applaud that decision; it is what I have always wanted IFNY to do. But to drill they need money. So they went back to the people who both believe in the concession and have the ability to put the money together. There are several bashers on this board who have been trying to spin the decision to go back to known players as some sort of weakness. Of course, they try to spin everything that way; so no surprise there.
I should also mention that I have also considered that IFNY is using this as a potential ploy to get better offers from name players, but I very seriously doubt that.
In any event, we will know on or before December 7 whether IFNY will have the money to take the next step and the terms on which that money was provided. That's 45 days or less. I am more than prepared to wait. There are a few milestones that have been achieved over the last 2 years. I expect another to be achieved this year, and the most important next year.
I have had a buy order in above the ask for a while now and it is not being filled and not showing up on the bid/ask quote. I think my broker has de-prioritized my order. Maybe bigger fish top fry.
Out of 301762 total volume, 113844 was accounted for by short sales. 38%
Even if all short sales were covered intraday (I doubt that this time), that would mean 75,000 was accounted for by true long transactions. Given what I have seen over the past month, that would be the most for quite a while. I think some buyer waded in in early drove the price up resulting in a mini-squeeze of those with short positions. When it topped, I think the shorts resumed shorting and found resistance at just above $1.
Hopefully, some of them will soon get caught with their pants down.
As I said, I think they covered already. I.e. they are no longer short. This was just manipulation to move the stock down to make it cheaper to acquire. I doubt they are so stupid as to run the stock up immediately. They are likely bottom feeding to accumulate, or are have a big all or none order at a low price (e.g., $1) waiting for enough offers to fill that order.
It is also quite possible that someone put in a large all or none order, and the brokerage or hedge fund, is #$%$ the manipulating so they can fill that order once enough sell orders below the buy price have been placed. Look at the transactions going off at 3-4 decimal points. That is not retail.
There is nothing new in this strategy. I've seen it before. One day, all of a sudden, there will be a large volume buy transaction.
The volume disappered because it was artificially created by a short who shorted the stock (a lot), caused some panicked selling by retail, and then covered cheaply. A lot of longs were probably stopped out of their shares. So the short is done playing ---- for the moment.
Longs are now too nervous to buy, even at 90 cents.
See what happens when you believe the pennyland "the market always knows in advance"? You are easily played for a chump. Someone with no inside info but a lot of cash can take advantage of retail longs who think like that. They short the pps down and make those less-than-clever longs think taht someone knows something, and so they bail. The short gets the longs' shares cheaply and covers. The short makes money and ends up with a larger stock of shares than before.
Sometimes someone does trade on inside info, but it is not as prevalent as the conspiracy theory mad pennyland longs would believe. And when it does happen, the insider knows to tread lightly and to try to leave no footprints. What you don't see is the clumsy ham-handed bull-in-a -china-shop approach we saw early this week.
I don't think the main motive was to make money, but to acquire shares cheaply, and to set it up so even more shares could be acquired cheaply in the future.
About 55K from what I see. So total volume today is 115K.
Anyone really think that there was a 55k trade at the end of the day, or just the delayed reporting of trades made during the day? I think the latter.
Interestingly, Schwab has the last trade going off at 2:29 pm, and the yahoo chart is also stuck at 2:29.
But the IHUB chart clearly shows the 55K trade at the end of the day. And the volume number I was watching was about 60K until at least 3:30.
Combine these observations with the fact that we have a bid going out 4 decimal points and it is quite clear we have some institution playing with this stock.
Daily short volume will be available at 5:30. I'll be back
No. The pps does not matter. The deal will be for an interest in the concession, not for a piece of the company. And I think Stan will pull some sort of rabbit out of his hat. We will probably see some update with a day or two.
I think they wanted to be noticed. They wanted retail longs to believe that someone knows something and it isn't good. This is the illusion they desired, so that retail longs would sell.
And, sadly, it worked. Oh well, I did not sell; Instead I picked up a few thousand more under $1. Nothing has changed from a month ago. It's still thesame company; In fact, because shares are now cheaper, the risk/reward profile is more attractive than it was last week. .
And the short volume was 55K shares, which just happens to be the volume of that strange trade at the end of the day.
That's about the best smoking gun for validating my theory.
Just a note, in case the shorter reads this board: Shorting with the intent of manipulating the price of a stock is quite illegal; and I think it is obvious to anyone who analyzes the data that that is the purpose here.
My theory is that we are seeing a lot of short trades and covers intraday, so the net at the end of the day could be zero short trades, which would not have an impact on a short interest report. I think someone has been trying to make it look like there is a sell off to get retail longs to sell, and they have been pretty successful the last month. But I also think that strategy seems to have run out of gas, as the price has stabilized at around .80. Thursday and Friday we had high overall volume of which 49% and 48% was short volume and still only negligible price movement. So the support seems to be very strong right where we are. I think the institution that has been behind this has got to give it up soon.
I think a lot of these shorts were covered intraday, so - after netting the shorts and covers out - the remaining volume was pretty tiny.
Last Thursday the short transactions also accounted for 49% and last Friday it was 48%.
Someone is working pretty hard at shorting this stock.and we were still green today.
"I guess them 'shorters' are at it again." If that were the case, I suspect you would know. But only 600 shares sold more likely means some retail needed help making a mortgage payment.
And we still ended the day up 25%+.
Maybe the player who was shorting and covering in large amounts has given it up as I suggested he/she might. Now we see the real volume: 5 shares traded in 4.5 hours.