Jamie, I hear ya. Ever heard the saying 'Wash, rense, repeat'? That may be in play here. If you look back to early August, there were a few large buys of the 1's followed by some larger purchases of 2's...al in a handful of transactions, so it was likely one or two or three buyers.
It looks as though as this was gaining some momo, the owner of those 1's and 2's started dumping on the 3's 4's...profit made. Now those 1's, IMHO, are being used in an attempt to take out those 2's. Problem is that they keep getting bought up when placed in the ask. So, for the seller, profit still made...in fact 100% profit. If the seller succeeds in frustrating those who are holding at 2, 3, 4 and 5, he gets to repurchase at the 1's and start this all over again...all the time selling at the bid is still making the seller a profit so nothing loss. Even if 2's are resold at 2, nothing loss....only cost is the commission for the transaction.
Now, why sell 2's at 2? It's always easier to sell that buy. Buying takes $$$...you have to have it. Selling requires a decision, but no money. So, if that bid-whacker can sell enough and frustrate folks here enough, then we get the ask back to the 1's and he gets to start this game all over again. Did you think about my previous question?...why would anyone want to sell 5k shares @ 1? No other reason than to instill panic and worry. Now, who would that benefit? Not those holding at 3 or 4 or 5.
Problem is, we have MasterTrader and likely some 'unidentified' buyers of those 2's when they come onto the ask. The end-result is that the bid-whacker runs out of inventory while the frustrated become sellers have now mostly sold. There is no longer the option of 'wash, rense, repeat. We have defeated him wile accumulating a good portion of the float. Final question...Where do we go once this process has seen itself through?
Thats why I'm buying any of the 2's I can get. Keep in mind, 3's and 4's came up tis week and were hit. Bidwhacker is running out of inventory IMHO. We now just have to get other to hold and accumulate where/ when they can. Are you keeping an eye on the 'accumulation' portion of the charts?
Go ICOA!!!
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