I think most of that institutional activity occurred well north of $1.50, and it happened because of the obvious in the change in the company's fortunes. They didn't want to hold the risk from $10 and above in the decline... just like I don't want to hold that risk below $1 in the decline occurring now. The trade remained active between January and March, when the distribution occurred between January and December last year, but, that was before the news began making it apparent that there wouldn't be a rapid turnaround in the business as occurred in 2008-2009. Volume has dropped like a rock since the institutions quit the trade, and only more drastically since March. There isn't any compensating "accumulation" apparent on the charts... only distribution followed by a rotation trade based on small market players betting on the turnaround. Mostly looking like it was a failed "bounce" play after February. FWIW, I bought a few mid Feb and sold them by the end of the month for the bounce... while waiting not for lower prices... but for better news to confirm that improved market trends in same store sales meant some value might survive. Since then, the charts reflect the reality in the business... as it appears sales have not rebounded... so the charts are showing sideways drift and growing uncertainty which the company hasn't done much to address... probably because they can't cope with sales that don't enable then in meeting their obligations.
Maybe too soon to "stick a fork in it"... but, it seems headed that way more over time, as things are certainly looking grim... and the silence amplifies that perception. Could hear a pin drop in here these days...
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