I don't think its a matter of liking the stock or not. It just gets frustrating to watch the action sometimes. I am not home everyday so I don't normally see the bid/ask action, but when I do, I can almost see when its "go" time.
Yesterday at lunch the price was up, but then the ask started to drop below that price, and that's when I alerted the board about the seller. I also told anyone who wanted more to drop the bid significantly. You all have seen these large dumps recently, and they don't seem to care what the price is, they just want a closed position. Just the other day I was able to catch a bunch of .0045's because of this. An all or none bid at .0049 netted me .0045's. They came down just to get it gone, and I was able to piggyback the larger order that was at .0045. The seller got off of about 5 million shares in a ten minute span, was done, and we recovered nicely. At least I thought that, alot of others were complaining about a 20% drop in PPS but I was green so no worries. Then we got that 20% back the next morning, so why complain?
Which brings me back to yesterday...There was obviously a seller that came out, for whatever reason, and as he tried to dump, people kept propping him up till they were out of powder. This gave the complete advantage to the seller. He had way more shares to dispose of than you could buy at .0076, .0078 etc. and he just kept dumping till EOD, running the price down with it, and angering the folks who scooped at about 15 basis points too high IMO. Why not lower the bid when you see this type of action. Why overpay for shares that will get sold regardless? Even if you don't fill, you won't be left down 15% on the day, and you can try again tomorrow. I don't think you'll be missing anything until this company reports.
Now this is all just my take on this particular stock. I am not a trader. It's just my observation, but it has worked for me well here IMO, unless it really goes down the toilet, then we all can cry all we want to. I don't see that happening at all though, in fact I see the opposite.
Maybe I'm looking through rose colored glasses, but I can sell all my shares tomorrow and still make a profit, because I have not chased this thing up but rather let the seller beg me to buy his shares, which I will continue to do, on my terms. I could be wrong here and it wouldn't be the first time, but if you are LONG, you have to be PATIENT, and buy on the cheap....Quit chasing it !!! It will pay off for you in the end.
AI
