RE:Why would anyone want to hold this down?schor wrote: If you are wanting to sell you are better off letting it run to get max price. If you want to buy then it would be good to keep a sell wall so sellers have to drop below that. But why a buy wall and just keep filling in the ask?
IMO of course...The spectre of Reddit hangs over shorts like the Sword of Damocles.. Hold their sell price at .30 then borrow shares back and short the hell out of them. I agree with you when you ask why wouldn't they just sell what they have, go with the flow, be happy and go home. Makes me think some or all of this smells like a naked short is taking place, selling shares that don't exist or without an order. As far as I know, no law against it in Canada. If they let selling price get too high then they run the risk of momentum being created. I've said it before, momentum is the kill shot for the short seller. Established momentum up won't allow the short their opportunity, eventually having to buy shares back to cover. Crazy upward momentum and they're done. An unsuccessful naked short might cover by selling what they actually do own , so it's like a guarantee not to lose. Timing is crucial here. Good news Thursday is going to get people interested in buying and almost certainly the shorts will offer the borrowed stock at a discount, should sell like hot cakes. A win there for them plus having their own shares to sell after they've covered but no.... Then repeat. But I've been wrong before and figure that trend to continue.