NITE has been riding the Ask for some time now, making sure they are always setting the market (limiting the highest the price can go, were somebody to execute a market order). I thought it was an instance of buying during the BP fiasco and now strategically trying to unload (which would have been odd in itself, since so much time has passed), but then you see NITE also making attempts to be high on the Bid, so clearly its not purely a share dump. They are setting the market so as to keep it in a specific range, that is my take. And if you can keep that range wide, you can make a decent profit. Look at the spread now, we you to continually get shares at .29 and dump at .35, thats a 20% profit!
The problem with a spread so wide, is that the folks at home are too hesitant to act...hence the low volume the last few days. We have everyone saying to themselves "im not buy at the ask of .35 when theres a chance I get it for under .3, and likewise, Im not selling for the bid of .29 when I may get .37." So no one acts.
What we hope, is that shares are bought from NITE and not returned to NITE. As that market maker's position shrinks, they dont have the weight to continually keep a low Ask price, for they would risk seriously exhausting their position.
problem is, right now, not enough volume from the folks at home, so NITE is able to do what they please with the spread. My hope....that this situation changes soon :) I imagine it will. The conferences were only last week, lets give John a minute here to field the followup calls this week and talk business.
Its the Biofuel trial that im getting a little restless with, I'd like to hear a followup piece soon. That could really rock this stock!
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