hi dig,
very sensible observations.
just to reach a normal, constructive valuation, there's a long way to go. i assumed he would need to move the fundamentals before the price would move. but given the assurance and continuity of the price increase, i think folks are guessing he is telling the truth about wave's pipeline. that there's something interesting in there, and maybe some traffic is forming behind it.
the market had the last guy pegged as a carrot-dangling destroyer of capital. so taking that out of the mix removes one obstacle, at least.
i'll still count it when i see it. but i am willing to think i may be counting soon based upon the ceo's comments.