Interesting ActionThe overall market sucked big time today.
I didn't see any trades at 45 cents and I do believe the ask price was getting hit quite a bit today so I would say that BTC had a good day today. Will it carry over next week is anybodies guess. Still a large imbalance on the ask side but those orders are any part so I'm not sure who has all or none orders in. The bottom line is that if we get some positive interest then those ask will be gone in a heart beat.
I might go out on a limb and say that the desperate people who need the cash could be gone from this stock but I won't get a warm fuzz felling until I see the action next week plus the volume has been pretty low so todays action could mean nothing. As long as I don't see large blocks by anonymous then I'll be a happy camper. I still believe that the large blocks traded by anonymous is Northern or a large institution who got caught in the ABCP and is selling shares to raise money.
MM