Well, it is easier to look at it this way. Every transaction is a BUY and a SELL. The difference is if it is at the ASK or the BID. Since the vast majority of today's huge volume is at the ASK, it is listed as BUY's. But someone has to be feeding that ASK. Someone has to list those shares for sale. MM inventories to maintain market liquidity would not be anywhere near those levels - maybe 10M at most. (remember, MM's dont trade per se, their job it to maintain enough liquidity to keep a stock trading - they are not long term buyers/sellers) So you have to ask yourself, "Who has a few hundred million shares that they would be happy to get rid of at .0008/9?" There are a few possibilities:
1) People that got in at 5/6 and are happy to take their 30-60% gains. I know if I had an average at .0006 I would have been gone at 9.
2) Frustrated people that are just glad to see enough liquidity to get out, even at a loss (not me yet, it hasn't hit my GTC sell price of .0013).
3) A single seller/small group of sellers that may have accumulated 100's of millions of shares in the .0002-0003 range now making 100-200% gains - but needed news, or solid rumor of news in order to unload that many shares without dropping the price down to .0003.
Ask yourself this: "What other day have we had over a 1/4 billion shares traded and only a single tick up?" The day it popped to .0018 we only had 374M traded all day - and it opened at .0018 up 4 ticks from the previous day's close on much weaker rumors.
Consider the fact that we had 100M shares traded in the first 10 minutes or so today. And that was only good for 1 tick.
That means someone had to have piled on the sell orders right at market open. These are Pink Sheets, orders to not get filled instantly, takes a couple minutes. This was a calculated move. If this was not the case, we would have seen an immediate pop up, like the day it opened at .0018 before anyone could get their sell orders in to drive it back down and take their profits.
All I am saying is that there may be some correlation between a rumor (or if you want to count a forum posting as an official press release, a PR than) that essentially did not give any quantifiable details but was carefully constructed to generate all kinds of wild speculations and dreams - leading to high volume buying - with someone poised to fill that demand on the spot.
And let us not forget, the is still no official word on the assay report from Hockey Stick that was rumored to be so great that we would see new highs. There is no official word on the progress of drilling for oil/gas in PA that was supposed to start in April and take us to pennyland. There are no details as to the initial investment and % ownership to any future claims in South Africa supposedly worth millions. Why are we not all up in arms over the lack of follow up on these ventures? Do these not also represent potential huge gains for us, the stock holders?
I have said this before - and stick to it - until there is real news with real, quantifiable data that can be correlated to an actual EPS estimate (potential) this stock will not have the ability to climb and sustain. Period. That is just how it works - dont be mad at me - I didnt design the free market system.
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