This is what THIN does.
Man, the last two days have been interesting.
I was buying the Ask in small trades a couple days ago to try and keep the Bid/Ask above .0175 range.
I felt I was mainly dealing with MMs as the Bid/Ask volumes were small (10,000-20,000)
When that seller came in yesterday with 780,000 they had to go down all the way to mid 12s to find any buyer "volume".
This all happened in a matter of minutes so someone (MMs?)knew they had to go down to .013 to find any real buyer volume........and then they only got 200 and some thousand sold at .013 ......... with 556,000 still available at the close.
This is what happens in a thin market. One seller or buyer can really move it around with any kind of selling or buying volume.... to find those buyers and sellers.
I think we woke up some MMs this morning when they saw the spread going from the 13s to the 20s............
Someone really got a deal at .085 for 325,000 shrs.
Then again, who sells 325k at .085?........not a real believer.
Until we get some solid news to get the trading days more liquid with volume, this is the action we can expect every so often.
If one is a trader, trade away!........but keep a nice core position so you don't get caught out......on the upside or downside.
I think we're headed higher on news.
I just wish I knew the reason someone wanted/needed to sell 800k at 13.
