Check "daily short volume". This is exactly what I was expecting to see.
Lots of short sales in the morning, knock the pps down, get retail longs to panic, then slowly cover the earlier short sales with cheap shares purchased from panicked longs.
According to daily short volume, over half of yesterday's volume were short sales.
Absolutely what I expected.
I've seen this before in the run up to a potentially large binary event. Shorts attempt to scare naive retail out of their shares. Often shorting early and covering cheap late in the day.
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.
"More sellers than buyers". What a sophisticated understanding of the market you have.
Look at the overall volume the last two days. In comparison with the 30-day average, It's rather large don't you think? What triggered that?
Then note that even the raw short volume data shows that over 50% of all transactions on Wednesday were short sales; and I would bet that a very large percentage of the long transactions were the same shorts covering intra-day. And about 45% of all of yesterday's transactions were also short sales;and, again, I bet the same shorts covered intra-day.
Add to that the fact that we are seeing transactions going off out to three and four decimal points and the most supportable hypothesis is that some institution is manipulating the pps. Most likely because it wants to accumulate and, with only a limited number of shares actually trading, it needs to scare the more naive of retail holders into selling.
So, IMO, the volume figures have beeen artificiailly inflated and the pps artificially depressed by that institution's pps manipulation, particularly its shorting and covering intra-day.
No doubt in my mind whatsoever that this is what is going on.
And that institution posts under at least one, possibly as many as three, aliases on this board.
It happens all the time in pennyland. All the time. Often the heavy shorting occurs eary, once the early morning PR window closes, then retail panics and sells, and the shorts cover cheaply late in the day and make money.
Most often it occurs when retail longs are anticipating news and are on edge. The shorting causes them to panic thinking someone knows something, and it is bad.
Happens all the time. I've become used to it.
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.
No. As I said, I think the short has already covered intra-day on the previous two days.
Why are you not curious why there was such heavy volume and such heavy shorting the last two days. Then nothing today.
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.
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. .
"Putin said before the trip that he has his eye on Latin America's oil and bauxite, and plans to woo regional leaders with offers of increased Russian investment and trade in return"
What if the Russians are looking into IFNY's concession?
There is an August 7 deadline coming up. I am certain Stan is very aware of that and wants to close a deal before then. Someone has begun hitting the ask at .93
"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.