American Scientific Resources (ASFX)

[Oz the OK]

$2.73...that's all it took to drop the price a whopping 9% and send this to subpenny again. Ridiculous.

I was just reviewing the trades today. The stock was trading between .01 and .011 for most of the day, until 1:43 pm, when a small, tiny, 300 block sell, only $2.73 in value, plunged the price NINE TICKS to .0091 from .01. That triggered a bunch of sell orders, and the rest of the afternoon, almost all the trades were sells in 10,000, 50,000 and 80,000 blocks. Those are your retail traders taking profits from the recent run-up, probably from their charts sudden violation and the massive percentage drop.

The price never recovered after that 9% plunge as the MM's then dropped the ASK to the mid .0090's range. I hate the manipulation that goes on the pennies, but this was a classic example of it. This stock never should have dropped below .01 today. There should have been about a 5% retracement, not a 14.5% one, but the price of a cup of coffee between two MM's did exactly that.