Assumptions:
1) The price of a thinly traded stock can react violently to day-to-day events, such as news releases.
2) Over time, share prices can correct and average out from short-term trading overreactions.
3) Long-term value investors, like institutions, rarely participate in short-term trading.
4) Short-term trading strategy is frequently premised upon short term events and price swings.
5) On May 21st, 2013, Woulfe Mining traded approximately 3,000,000 shares, or less than 1% of total outstanding, at a substantial loss to most sellers. The volume weighted average price (VWAP) of all shares traded was .115 cents.
6) For every Woulfe share seller, there was a buyer.
Question posed: With an explanation of two sentences or less, and assuming the answer to "hold" is not an option, should an astute investor have bought or sold Woulfe stock on May 21st, 2013, and why?