That's how I see it too. The vast majority of volume on penny stocks appears to me to be extremely short term trading on news and rumors of news. Generally those who buy penny stocks have decided it doesn't pay to own them long term, and any look at the market proves this out in dramatic fashion: penny stocks are terrible long term investments.
LWLG may prove to be the exception. The news was great, but just because high volume came in after it doesn't mean that people with deep pockets were the buyers. I bought more on the news, sold after it peaked, and bought back. IMO MOST bought and sold and hit the highway..
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