Saturday, March 15, 2008 10:01:35 AM
Just from watching the tape and L2 every day I would take a guess and say this has been taking place since the Beatles announcement. Hedge Funds strive to beat the market and don't just wait for risky home runs. They were likely selling into the news on the way up and down.
Maybe at the end of this quarter they will be done. With the price stabilized in this range we might also see some more buying to help him move a few more.
The thing to keep in mind is that when he is done we are going to see a rapid recovery as the imbalance of trades move to the buying side and the chart shapes up. Im not sure who is sitting here on the bid, but my guess is that its good old market makers, the best traders in the business. They have been loading up shares and are going to be more than happy to sell them back at higher prices. Hopefully the fund's shares will also add some much needed liquidity to our trading.
One last thing... the hedge fund could have handled this in a completely different way. They have been extremely gentle in this process giving ample opportunity for buyers to come in. They don't sit on the ask and keep dropping it lower. The result is this massive spread. They have waited for us to come in on the bid, but unfortunately in the penny market it's hard to find buyers that will accumulate on dips. When a chart shapes up and moves higher.... Only then does everyone jump on the wagon.
So, to answer your question... not sure how many shares they have left, but that's not the point. I'm not going to wait to see them dry up and miss the opportunity to get shares at 16 to 20 cents. There is only one seller, when he is gone its too late and the bullet train will have already left the station.
ZenaTech, Inc. (NASDAQ: ZENA) Launchs IQ Nano Drone for Commercial Indoor Use • HALO • Oct 10, 2024 8:09 AM
CBD Life Sciences Inc. (CBDL) Targets Alibaba as the Next Retail Giant for Wholesale Expansion of Top-Selling CBD Products • CBDL • Oct 10, 2024 8:00 AM
Foremost Lithium Announces Option Agreement with Denison on 10 Uranium Projects Spanning over 330,000 Acres in the Athabasca Basin, Saskatchewan • FAT • Oct 10, 2024 5:51 AM
Element79 Gold Corp. Reports Significant Progress in Community Relations and Development Efforts in Chachas, Peru • ELEM • Oct 9, 2024 10:30 AM
Unitronix Corp Launches Share Buyback Initiative • UTRX • Oct 9, 2024 9:10 AM
BASANITE INDUSTRIES, LLC RECEIVES U.S. PATENT FOR ITS BASAFLEX™ BASALT FIBER COMPOSITE REBAR AND METHOD OF MANUFACTURING • BASA • Oct 9, 2024 7:30 AM