i think someone from the recent private placement may have shorted against a block of stock (probably just a partial position) but it was enough to apply some downward pressure. retail felt this at $1.225 -- most notably from PERT -- and lots of stop losses got triggered. down she went. now we see DRCO (and who knows who else) accumulating slowly but steadily on the bid.
on thursday of last week retail staged a comeback, driving the stock back to the .90s, but by EOD someone routing through ARCA was heavy on the ask again (possibly short, or maybe just holding shares now for some bigger fish to load) and that was enough to hold the stock in a range. it's pretty clear to me that someone, or some group, don't want the stock to rally yet.
but i'm confident we'll turn north soon enough. the characteristic after hours blocks are beginning to show up on the tape these last few days. this same pattern occurred in late 2007 before a major run.
keep in mind that once the registration statement is filed (90 days or so from the private placement closing) institutional investors will own around 70-80% (or more) of the new float.
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