Friday, July 06, 2007 5:51:54 PM
It seems today that most of these were buys. Few things could be going for this to happen.
1. Some of the MMs are unloading their inventories. They might have gotten them through Corr originally earlier this year and they still had left over.
2. Some of the MMs are shorting this stock. I don’t think this is the case. It seems that there risk is much greater then their potential reward. This stock has too much potential. Unless there are couple of ‘dumb’ MMs who are doing it and everyone else following the swing, I don’t think this is the case.
3. Since the news, many of the day traders are getting in and out and messing up the swing. At these prices, 1 tick is a very good return. This or choice 1 seems to be the most logical reason behind the funky movement.
4. MMs want the commission so creating situations for people to panic. This jumps the volume every time.
5. Nervous people who bought at 7 and 8s were getting out initially in the morning and the MMs took over the game.
Either way, if it is choice 1, I hope most of the shares went through longs who are planning to hold for few weeks to few months.
Just some of my rambling thoughts while I am at the Happy Hour waiting for my co-workers to show up…..
AK
"What man is a man who does not leave the World a better place"
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