Here's what I saw happen. The thing ran for 7 minutes on news. Then it got popped back by some guy selling at the bid. If you run a time and sales, set the colors to bright red and bright green. There were... like, lots of green green green green green traded and so on. Green green green green... steady. Then there would be a pause and the bid ask spread would get too wide and some guy would pop the price back by selling at the bid. He was the shorter. Not in a squeeze at that point, but a working shorter, as it were. You know.... some guy hired to try to damage any stock price move that favors the company.
Most guys always look at thing like this as though the shorter is only a shorter when he is driven to the point of being squeezed. I cn tell you for a fact that there are guys out there paid to pump, and there are guys out there paid to hit the bid, like was happening today, every time there is a run beginning. They are paid to try to dampen down a momo move when it starts so that it does not gain weight behind it. This stock started to run and the bid followed a penny back from the ask. Green Green green and so forth. But every time there was a breather where the bid ask spread got wider than a penny, there was a guy stepping in and trading an over-sized lot at the bid. The net effect was for the ask to come back down, then the guy would pull the bid back too and then the trading would have the look of a failure happening.
To see this in the candles, put a chart up on 1 minute candles and you will see big ass red candles at 14:42, 14:45, 14:48, 15:04, 15:06, 15:26 & 15:36. That was some player deliberately selling at the bid when the bid ask spread got too big. When the guy would see a chance.... BAM.... he'd pop an outsized sell at the bid and those big ass red candles would manifest.
I was watching it closely. There would be a pause, the ask would get a little ahead of itself, the guy would pop an outsized sell at the bid & then he'd move his next bid down a penny or two. The ask would tighten up and for a few minutes the guy succeeded in stoppong the momo.
So the guy was a shorter who was actually working hard to fight the momo. A shorter is not just a shorter when he's getting squeezed. He's also a shorter when he's working his game but has not yet capitulated.
This guy did not give up... not initially. But as the EOD got closer and he was losing the battle big time, he bailed with a 100K dump at 15:56:34.
Tomorrow, anyone still in front of this puppy will get squeezed, but what I think was happening early in the 1 1/2 hour move today was a determined guy who apparently thought he was going to be able to play a game and get away with it.
After the volume just kept coming and coming and after the bid/ask spread got firm and did not get loosy-goosy any more, he saw the way the wind was blowing and dumped 100K shares just before the close.
I cheered to see this guy behaving this way. I love it when one of these yahoos gets his head handed to him and fails big time.
ROTFLMAO at him. Katy bar the door tomorrow. Boy howdy did this puppy ever close strong in the last leg of the day.
Imperial Whazoo
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
