It is quite simple it had nothing to do with being fickle, this stock has traded within a channel between .04 and near .07. Every time it approached the lower .04s (SUPPORT) the selling slowed because that is where the largest base of holders (SUPPORT) were staying. Anything above was mostly occasional traders brought in by PRs /PCS fluff and the flippers. The PPS always traded down to the base of shareowners. That base was eroded after the PR that was released on the 21st, those with gifted shares started trading out their shares because as we all know they are currently worthless once the merger is completed. This took away a portion of the base, followed by no new buyers because there are no specific details of share structure, confusion of bonus shares, and just about everything else that deals with limited information.
We had some people jump ship, lets face it anything above .05 and you were looking at 50% loss in equity, they were not riding on profits like most of the base share holders were. They had much to lose and had to make a decision because lets face it, it touched .029, another cent or more and they were nearly wiped out. The whole premise only purchase what you are willing to lose is a complete shill, no one buys with the expectation that they will loose it all. When they started to sell it furthered the falling PPS and that is why we broke into the .03s and headed for .02s.
This is all a chain reaction of events, much like how today went, BEHL was continuing to sell off until before noon. The press releases helped stall that second run into the .02Xs, it was heading there, as the bid was flat lined at .03 and the ask was at only .0305. New investors bought in stopping the selling and sending it up. I am sure some previous investors jumped right back in as soon as they sensed the selling had stopped. Unfortunately we also gained some flippers and traders back into the mix as I am sure they are sensing an opportunity to play on the morning gap.
