Money equals power. Power wanted to systematically pick up as many shares as possible as cheaply as possible lately......and hold. The few retailers that were speculating and bought too high when it did make a little bump probably already sold back their .41 shares this morning for .26. Likely scenario for all speculative shares bought above .35 the past few days. Now in strong, powrful hands.
All in my opinion.
The true run will happen when all shares are securely held and good news hits.
25 million shares just in the past three sessions traded hands, and most of them in a tight range. Like I said, the highest prices were paid by rookie chasers, and then were given back well under .30, and as low as .26 yesterday after close, and at the open this morning.
All in my opinion.
Look at chart for $IFON, for example, starting in April. See the spikes? Short-lived. Then straight down. They've repeated that spike and hard drop a couple of times since April.
No one wants those shares, either at the .40 they started at, or the .85 they spiked to. An ugly game of musical chairs......when you see the ugly "merger" news that came out a few weeks ago, it all makes sense.
Power equals money. Power didn't want those shares. Either cheap, or expensive, but some lucky ones were able to unload on the wild rides.
Now some still stuck and there was.even one more high volume spike last week. Smaller in scale, but no one wants those shares.
To make it worse, they will likely have to effect a reverse split on October 30.
Just ugly.
What happened here in this tight range, looks pretty.....IMO.
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