Warning: Take this for what it's worth, which might be nothing. And no guarantees on the future direction of the PPS
But when I mentioned stealth buying (or covering) yesterday, the first 45 minutes this morning (so far at least) is a microcosm of what I was talking about.
Buys have outpaced Sells so far today by about a 3 to 1 margin. In fact about 90% of the selling volume was immediately at the open to try and crash the PPS down before the buying started. Yet we are up only .01.
Why is that potentially significant and what might it tell us?
For 2 1/2 years here, the PPS has been completely controlled by some fund or group of funds who decided where they want the price of ADXS. They wanted it down and they have accomplished that.
Whenever they are trying to bait buyers they tend to use days like today to try and run up the price to suck in traders. Low volume but relatively big jumps in the PPS.
For example they did this the week leading up to 9/11, the Quarter End. They took the price up from the real base at $5.80 to $6.30ish up to $7.42 on relatively light volume. In hindsight we can see this was because they wanted the price higher so that when they attacked the stock starting on 9/11 they could make the crash look more dramatic. $7.42 was a much better starting point for shock and awe...even if $7.42 was really a "fake" starting point.
Since the end of September, it appears things have reversed. There is more buying than selling, significantly so on some days. Yet (so far at least) the PPS appears to be being supressed and not allowed to run they way they let it run when it serves their purpose.
Again, this week is just a single snapshot in time. There are no real or firm conclusions one should draw. Just an observation that may or may not mean anything.