I Can't Figure Out The TradingI thought last week we were going to start moving out of the $3.30 to $3.5 range. I’ve been watching who’s been trading and market depth.
I haven’t seen much selling from the underwriter companies who did the financing. My guess is that who bought the financing is not really keeping the price down.
I see lately Leede Jones Gable Inc. has been a big seller. Yesterday and today they sold around 16K for about 55K in cash. I’m thinking it’s one person since the trades are continuous.
Market depth - There has been a large order at 26.5K @ $3.50 - 3 orders since last week. So far we haven’t traded at that level. Today I see a big buy order 33K @ $3.37. I wondering if that’s a fake bid to try and make the stock move up. I don’t think we have day traders here but who knows.
If we were a penny stock then the latest news on the new drilling would have made the stock move but it didn’t.
I think we need to trade above $3.50 by week’s end to get things moving out of this rut but that is just a wild guess.