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Posted On: 01/24/2018 5:06:22 PM
Post# of 96881
If the shorts have purchased enough shares to cover what they are short it would be foolish for them to continue to manipulate NTEK pps. My guess is that there is still a large short position. You have to remember that this stock had 3 billion shares as the O/S a few years ago. This was when NTEK was struggling and was in financial trouble. The sharks smelt blood in the water and when that happens they all get very greedy. If I were to guess I would say there were over 500 million short shares at that time (maybe alot more). They were trying to bankrupt NTEK so they did not have to cover. The R/S helped them to manipulate the price down more.
Once David Foley came back the sentiment changed somewhat and the longs started buying again. THEN, the unheard of thing happened! NTEK found someone to lend them money. Anyone willing to lend out 21 million (and more) is going to make sure there is a viable product. Now NTEK is not dependent on selling shares to raise money.
If feel like the shorts are keeping the pps down so they can cover on some of the shares. A big problem is that many longs are also buying shares to lower their average cost. If the shorts are naked on 10 to 20 million shares or more it takes a long time to get the shares. The total volume for the day is usually 200-400k. A portion of that is wash trades (a manipulation tactic) and a portion goes to people who are actually investing in NTEK (you and me). This does not leave many shares for the MM's to aquire. If they try to cover too fast they are in danger of driving the price up.
Things are building for a "perfect storm" type scenario where the demand is MUCH greater than the supply. That is why you hear so many longs talking about this thing exploding. Most longs have been in penny stocks for years and years and have seen it happen before. Every long knows that this .02 pps is artificial. There are thousands of stocks on the OTC that don't have anything going for them but have a higher valuation than NTEK based on the O/S and the pps. If I were to list the positives of NTEK it would take me half a day to exhaust the list.
Sorry to be so long winded but it seems like there are some new people on this board that need to understand what has happened to this company.
Once David Foley came back the sentiment changed somewhat and the longs started buying again. THEN, the unheard of thing happened! NTEK found someone to lend them money. Anyone willing to lend out 21 million (and more) is going to make sure there is a viable product. Now NTEK is not dependent on selling shares to raise money.
If feel like the shorts are keeping the pps down so they can cover on some of the shares. A big problem is that many longs are also buying shares to lower their average cost. If the shorts are naked on 10 to 20 million shares or more it takes a long time to get the shares. The total volume for the day is usually 200-400k. A portion of that is wash trades (a manipulation tactic) and a portion goes to people who are actually investing in NTEK (you and me). This does not leave many shares for the MM's to aquire. If they try to cover too fast they are in danger of driving the price up.
Things are building for a "perfect storm" type scenario where the demand is MUCH greater than the supply. That is why you hear so many longs talking about this thing exploding. Most longs have been in penny stocks for years and years and have seen it happen before. Every long knows that this .02 pps is artificial. There are thousands of stocks on the OTC that don't have anything going for them but have a higher valuation than NTEK based on the O/S and the pps. If I were to list the positives of NTEK it would take me half a day to exhaust the list.
Sorry to be so long winded but it seems like there are some new people on this board that need to understand what has happened to this company.
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