hanscott, I normally stay out board back and forth, cause I believe people should be able to disagree without being disagreeable, and I'm also the guy who 99% of the time, hates conspiracy theories.
I'll answer your question to another poster, been investing since the mid 1980's, in small biotech since 2000, had many great hits and some spectacular losses, retired at 54 due to stock investments with more than I need, so, not my first rodeo.
You seem to be saying that the market is always efficient, that there is never any manipulation, or insider information disseminated, and everything that transpires is totally normal.
Without being disagreeable, I don't think so.
The overnight drop that was caused by a few shares being sold/shorted due to the early release of just a small bit of the trial data … whether that drop in price was correct or not, or fair or not, started a whole tidal wave of activity that never should have happened, on what turned out to be, Good News.
Many people who bought on margin, got margin calls, had to sell. Unnecessary downward pressure.
The chartist with their magic fortune telling candlesticks saw and jumped in. Unnecessary downward pressure.
The momentum guys, the trend is your friend followers, jumped in. Unnecessary downward pressure.
More and More shorters piled in. Unnecessary downward pressure.
Which all led to more and more panic selling among investors. Unnecessary downward pressure.
And the snowball rolls down the hill.
Now, were their any major whales or hedge funds or etc. coordinating together? I don't have proof of that, but it's certainly not impossible or unheard of on Wall St.
Was anyone or group trying to push the price lower because their real intention was to buy cheap? I don't have proof of that, but it's certainly not impossible or unheard of on Wall St.
Something was wrong, a drop like that in small biotech, on Good News, is not a common or normal occurrence.
Something smells and this stinks.
I may be an idiot, but if it looks like a duck, and walks like a duck, and quacks like a duck.
