Footprints of the failed bear raid

The objective of the bear raid today was to get a close under 3 cents. The absolute biggest tell is the fact that after clearing out the bids above 3 pennies, the NITE sat on 2.1 million shares at 3 cents, but when attacked with 1,197,133 shares of continuous buying they retreated to 3.1 cents.

That means they left 902,867 shares unsold at 3 pennies, and furthermore when they retreated to 3.1 cents only put 500,000 shares on ask. This is not the behavior of a real seller. At worst case, they would just dump everything into bid and move on with their life. At best case, a smart seller would parcel off a couple of hundred grand into the ask every day but it sure as heck would not be done at the lows of 3 cents.

What happened is that the bear executing through NITE cleared out all the bids above 3 cents, whacked the bid, and put 2.1 million shares at 3 cents thinking it would scare people away. When it turned out that people were buying up all his shares he fled to 3.1 cents where he was only willing to risk shorting another half million shares.

Expect more funny business tomorrow as it is clear that the bears are deathly afraid of TECO rallying because chances are that this time they will be powerless to stop it.

2.1 million shares on ask - http://tinyurl.com/9tvwspr

My call that 3 cents wouldn't last - http://tinyurl.com/97peov7

NITE flees to 3.1  cents - http://tinyurl.com/8zy3e54