We have seen roughly 50M retail shares get locked up by the hedgie in the background the last 2 days. That is enormous. Something this stock badly needed for months on end.
This stock the last 6 months has been a flippers dream, buying the 7,8,9s and selling the 12, 13, 14s,,,almost monthly.
100% what we have seen the last 2 days is those very same flippers selling out in full at 11, 12, 13, waiting for the rebuy point. I of course assume that WILL NOT occur this time as this group continues to eat up the rest of the overhang.
I am a bit surprised there was this many shares to eat thru from retailers, and i guess there will be another 30M shares between here and the true break pt of .0015. (I say .0015 now and not .0016 because all the flippers have been selling lower each weave higher. 17, 16 and now 15 and 14s.) It has worked numerous times, so they are doing it again.
Now just picture the hedgie finishes up next week locking down another 30-50M more shares or 80-100M in total (roughly 1/3 the float.) Crazy things happen when the lockdown is down; the trading miraculously becomes much more controlled and smooth.
I think that will take a few more days or 1 week to complete, but it is happening.
