CSTI is taking over some of NITEs routes. Basically CSTI is the new NITE. More then just TD uses them.
It could be a single seller or multiple sellers. If it's a single flipper then I'd guess they are responsible for at least 5 -10 million shares sold during recent run up... and down.
The price action has killed anyone who bought into this above .06, there were 25 million shares bought and sold at or above .06. There goes any new blood here. I suspect there are at least 10-15 million shares whose buyers are still holding the bag (just looking at the low volume on the way back down). If they jettison here we are looking at .02s. We could have easily hit low .03s today if the selling from past two days had returned (500k - 1000k) There has been absolutely no buying over past week other then paint jobs. Asks starting to come down even more to reflect that.
luckily I bought in early in this run or I'd be out too (.033 avg.). I'm not willing to be a bag holder no matter what the story is.
I wouldn't underestimate the number of true longs that flip a large percentage of their holdings. I think too many people have recognized the pattern of sell on news and take advantage. I honestly don't see anything wrong with that as flippers have to buy back at some point, and that probably is why this stock runs so easily once it gets started. I personally don't bother with flipping, but I must admit that I have been tempted... I just know I would never stop kicking myself if my position were light when some blockbuster news comes out.
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