RE:Strange Trading October 24 at 13:54:22gasious wrote: SNS has backed off since its $1.20 high. Interesting that in 14 seconds yesterday it dropped from 1.11 to 0.98 and recovered to 1.07 on trading of 300,000 shares with 7 selling brokers. Seems odd for a stock which is trading good volume.
I was watching the time/sale activity when we were in the $1.19/$1.20 zone last Thursday/Friday. It did seem quite clear there was demand at those prices via the large chunks being taken out on the ask.
However, given what has happened since, I wonder whether those shares were sold short. In any case, this pull back is happening on low volume.
From a TA perspective, it also makes sense given how most indicators showed this as overbought and a MACD crossover (to the downside) which was happening on the hourly from Friday 3pm - 4pm and yesterday AM 9:30am-10:30am.
Regarding the "dump" yesterday, it was clear that was a stop loss hunt and was an attempt for cheap shares/test where the bottom is. Though, unless we get news very soon, I suspect we have some more downside. Either we retest that .98c and break below it, or it will hold.