Looks like BMAK doing the ole "raise the Ask" a tad AM "breathing day" pattern-
0.0053 / 0.0059 (61015 x 100000)
BMAK has moved out to .006, opening up that Ask, but it's a bit deceptive to me and just the ole "wide spread" mode being played- cause that 61,015 shares on the Bid at only .0053 is all there is , then next stop is 1 MILLION plus shares down at .0048, solid back in the .004's.
This is the wide-spread mode it looks like, at least on open on a Friday so far-
That's only 61,015 X .0053 = $323 bucks worth left on that Bid, at least showing at the moment- then .0048 and below.
I'd say these MM's are gonna try and take out that .0053 level and get to those 1 MILLION plus shares back in the .004's, more than likely. This is so common on this one- when the Ask gets raised but the Bid never really moves up at all- it's setting up for a down leg IMO, that's what I've observed.
There's still another 1.6 MILLION shares on the Bid down at .0045 like yesterday, but BMAK has the 10K share "bracket" and blocking "10K usual block" of shares at .0046 on the Bid it looks like for now- so they have this thing "boxed" at .0046 to .006 for now. I'd still guess at some point they let that Bid get taken out and then it's all .004's again, it'll probably happen real fast when they, BMAK and the hedge dilution boys decide the time is right.
BMAK does this several times a week/month lately in 2015, after they pound it hard like the last few weeks where they made a new all, all time low of .004
They then give it some "breather" days after that big, mega high vol down tranche and "try" and hunt up any buyers to pay a mega-wide spread like that high .005's to .006 range, then step back down on it pretty quick, driving it right back in the .004's from what I've seen/observed for nearly all of 2015 so far. BMAK and CDEL "tag team" this thing as the two dilution MM's
I still think a next big down leg is coming (based on likely any Magna credit line "draw request" or any of the multitude of convertible debt deals all coming due soon, any one of those getting converted and dumped)- I think it see the .003's next, highly likely IMO. It hit .004 twice, solid on mega high volume days- the next down tranche I think easily busts that .004 level and it's gonna be the .003's then. There's actually a legit 400K block parked and showing now at .0038, the first time that's happened.
My .0053 cents or so worth
Posts contain only my amateur opinions, personal views and thoughts. I discuss stocks as a hobby only. Always do one's own due diligence before investing.
