Here's exacrtly why I expect a move lower this weekUnlike any of the pumpers here, I'll share the basis of my reasoning by quoting some Facts.
The "Early Warning Notice" filed recently allowed the trust to begin selling on Tuesday, November 21st.
That's exactly what they did. ( see my "Just Like Clockwork" post. )
When the insider trading report was filed last Thursday, it disclosed that the trust had sold on Tuesday, and the day after, and the day after ( the day of the filing ).
We don't know yet if the trust sold on Friday, they haven't reported yet.
The pumpers here will point out that the trust didn't sell many shares, which is undoubtably true.
What they won't take into account is that volume continues to dry up.
Although the trust only sold 13,600 shares last Tuesday, it still accounted for 22% of all stock sold that day.
To be fair, Wednesday and Thursday's sales of 9,900 and 8,900 shares only accounted for 13% and 12% of the volume on those days respectively.
If the trust sold shares on Friday, they'll have to report those sales by Wednesday at the very latest.
The stock only traded 26,800 shares on Friday.
If the trust does indeed report that it sold shares on Friday, at the low end of it's daily participation rate of about 12%, they'll have sold 3,200 shares at the miminum.
The trust files it's sales in "bunches" of consecutive daily trades.
I expect them to report daily sales since last Friday, as this has been their established habit.
I don't think the market will tolerate this constant selling by the CEO's trust mush longer, some recently at as low as 51 cents.
I think this stock is struggling to hold $.50, with the help of an outside player.
I think this "defense" of the stock is doomed by the fundamentals, and the fact there are 178 million shares outstanding.
I think the trust will report sales last Friday, on a day the stock only traded $14,000 worth in Toronto all day.
Fourteen grand of a $90 million company in an entire day.
i don't think it will be well received when they report.
I've posted before that the market will tolerate only so much.
Add tax-loss selling to the mix, and it's a foul smelling recipe.
I'm convinced that the trust sold shares, despite it being an extremely light trading day.
We'll know on Wednesday.
Is there anyone here who will volunteer that they're convinced it didn't?