Spread is huge, wide open again- looks like the broker/dealer boys are "trying" to still prop it up, or just make their money on the spread.
"Up" 5% on 144K shares at .0265. That's = to like $3,800 traded. Meaning it could be maybe, qty-3 or 4 $1,000 orders, for someone(s) (a couple of orders) willing to pay the spread.
One decent sell order- say, someone wanting to unload a rather small dollar about like $10K or $20K worth, let alone say $40K or something- is what will tank it 20% in a blink like yesterday, IMO.
The thinner the vol gets, the wider the spread gets- the more it can/will trade down in rapid moves, IMO. Seen it over and over and over with this one.
It's well under the 50 DMA now, a full down trend. It's making lower highs and lower (much lower) like yesterday- when it touched .022, just a tad over the 200 DMA of .019.
I think it's headed for at least that 2 cent area, the 200 DMA, the 2 yr or so "base" range that it has gravitated toward for over 2 yrs now (despite all the "news" and "PR" and "deals" and "talks" and "summits" and "presentations" and what not).
The "big presentation" of the long awaited, highly touted, "6 month ANGEL data" did nothing for it yesterday. My speculation- they've been propping it up, someone's been unloading into that strength leading up to the "presentation" , and yesterday the real selling began to finish the "unload" of whatever position they need to get rid of. That's just speculating, but it's real coincidental IMO, the timing of when this thing unloads, versus PR and other events. It's getting in the price range now- where most of the warrants and instant-vest options and a lot of the other shares mentioned, last 10-K, would start to be "out of the money".
But of course, that leaves the "ASHER" and boys type firms and the floorless convertible shares- and they never go "out of the money". In fact, they get more valuable, and get issued more shares, the lower they can get the price to go.
But, volume is getting lighter and lighter it appears, spreads seem to be getting opened up major wide, and IMO, from watching it in the past, in down trends, that usually equals more big down days to come, big ones like yesterday- where "PR" didn't help, where they couldn't even "paint it up" with a few buys into the close.
Next up is the 10-Q. That's the "big one" IMO. More important to me than that "presentation of data" yesterday or whenever it was, whatever yesterday's big, long touted "PR news" release was about.
My 2 cents.
