Catsabouncing, I really don't think that is what is happening. I think almost 90% of what sold today came out of MM accounts. When the funds dumped, there was almost 300MM shares that sold at around .06-.08. There wasn't anywhere near enough retail buyers so the MM sucked it up. I think they are still sitting on a ton of that stock. If you just look at the first 2 hours of trading on that first day, 200MM moved in 2 hours.
I've been watching the trades pretty close. I see a few shares at .14-145 trading, then a burst of shares trading at .15-155. You might have 10K coming in and 100K going out. Today there was 2 orders for 1.5MM shares. The first went at .15, the second less than 1 minute later at .155. They might have been MM trades, but I think based on the price, they were retail. That was about 12:30. After that things picked up and the order size increased dramatically. Instead if 1-5K orders, I started seeing 10-50K orders showing up. Each one of these was a buy at ask. Toward the close, there was 1MM that moved in 4 orders of 250K each order, all within a minute or so. Then we got the 800K at close at .16
I think the MM are still sitting on a lot of stock. I have no idea really how much but 100M would not surprise me. Until we get rid of this overhang, I think we're pretty well stuck below .20. The only thing that would make a differance would be good news.
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