In my opinion he could still be selling this stock at 1.2+, we're you reading this board at that time, people were excited there was demand for the stock. PERT sucked the air out of the rally. They were content and very willing to sit at 1.225 and not move it higher, same thing at various levels lower since then. I cant explain it except to think by their actions everything points to them wanting to see this go lower. If they get this to a level where panic sets in they can cover from the same people they sold to at the higher levels.
This stock gapped and was sold down immediately quite a few days lately. If you had a ton of shares to sell and wanted to get the best price possible for them, dont you think you would let the stock breathe from time to time.
Not trying to fight either but i think believing that PERT is simply selling shares for someone is crazy. They killed the market they were selling into, why would you do that? My guess is if you 1.5-2m to work with you could do this quite easily. Might not even take that much. Basically you just sit on the ask and choke the stock until you get it to a level where panic sets in, people start to say "get me out of this thing" and they can cover a good chunk of their positon quite easily. Then in increments on the way up. Odds are you wont have a lot of people fighting you on the bid because the retailers will be asking themselves how it could have gotten this low and where the bottom is etc...
If this all sounds familiar its because i think we went through the same thing a few months back.
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