RE: Market movement - I dont' quite understand all this selling for the past couple of days with no news.
F U D, Fear, Uncertainty, Doubt. Every day goes by without news of the IMC deal more people start to panic, get itchy, realize what will happen to Woulfe if this falls through, and bail.
I like it when companies are hatching deals that may well make the company and they have to go into a quiet period, because the pure FUD created by a quiet period almost invariably turns the stock into bargain, particularly in a field as speculative as this, which also has the investors advantage of being
relatively quiet (this is the first board I've looked at that seems to have reasonable discussion on the stock),
relatively boring "Yawn, pulling metal out of the ground, who cares"
And therefore relatively cheap. A good bit of my "golly this looks like a good bet" speculative money went into buying some of this company during this slump just before the possibility of either doom or glory. A good investment I think given that glory is the more likely outcome. A handful of share compared to most here, but its not like this isn't a fairly thinly traded issue right now, though I may be able to get more before something happens to make the price not quite as attractive, its still sometimes difficult to get a AON LIMIT order to execute. I think perhaps 1 in 3 of my orders have filled over the past two weeks, two orders at a .20x average. Usually I'd take a position near the bid end, but in front of it by a fifth cent or so.
You can get shares fairly cheaply that way if you're willing to risk news coming out before you get a fill, as the other other way to get a guaranteed fill at this time is to limit to the ask and number of shares at the ask to make sure a market order doesn't cause you to pay a fortune per share. Unfortunately with these stocks there is no real accurate way to measure marekt depth at any given time, which is in part the reason for some of these fire sale prices.