In my opinion, the way this traded at the close was largely due to some day traders. Someone mentioned early in the day that a group newsletter alert was put out on BETS earlier in the day. Prolly explains the huge volume in the first hour and the dumping into the close. Sure maybe some buyers from the .0009 and .001 range sold at market into the close, taking profit, but a more logical explanation would be some of the daytraders that picked this up early in the day are the ones I suspect are the market sellers. Some know zilch/nothing about this company, their revenue stream, their O/S share count, the upcoming reduction in A/S, the paying off of debt with cash.....and so on. They receive an alert and they follow the herd, buying into a company they know nothing about in the hopes that they catch a runner and make a quick double and run. It was good for we longs today, as there were a few million more conversion shares that were released, but again, the longs gobbled them up and even closed green. Not a bad day IMO. The ask has visibly shrunk and should be much easier now to blast past the next resistance levels.
BETS STRONG............PokerStar
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