Today's volume was over 2.7 million shares. I rea
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Posted On: 04/05/2017 8:59:44 PM
Today's volume was over 2.7 million shares. I really cannot believe that shareholders were selling over ten times the normal volume to buyers looking to buy on the news. I certainly could be wrong, but I believe the MM's were holding the price down by selling into the news, holding down the gain which should have come from such news.
I'm happy we don't need to be concerned about another gap, but I suspect the reason was the MM's at work, which bothers me, but doesn't surprise me.
The MM's clearly work with Institutions, some of which by charter cannot invest in OWCP on the record. The MM's may very well have taken in millions of shares last Friday, or shortly before then, so Institution's didn't need to report those shares. Selling those shares back into the market, and resupplying the Institutions with cheap shares may explain why so little was gained on such positive news. As Individual Investor's all we can do is go along for the ride.
I would suspect that when we have a quarter in which we end the quarter at $5 or more we'll find that far more Institutions report ownership than in the past. Many Institution's can't invest in stocks selling for under $5, but as long as they don't hold the stock through the end of the quarter, nothing is recorded. In that the MM's can sell stock they don't own, then buy stock they don't immediately sell permits them to control the markets to at least a degree. Today, I suspect that if the MM's weren't selling into the buy orders the price could have reached at least $1.25 and probably $1.50. As always, JMHO.
Gary
I'm happy we don't need to be concerned about another gap, but I suspect the reason was the MM's at work, which bothers me, but doesn't surprise me.
The MM's clearly work with Institutions, some of which by charter cannot invest in OWCP on the record. The MM's may very well have taken in millions of shares last Friday, or shortly before then, so Institution's didn't need to report those shares. Selling those shares back into the market, and resupplying the Institutions with cheap shares may explain why so little was gained on such positive news. As Individual Investor's all we can do is go along for the ride.
I would suspect that when we have a quarter in which we end the quarter at $5 or more we'll find that far more Institutions report ownership than in the past. Many Institution's can't invest in stocks selling for under $5, but as long as they don't hold the stock through the end of the quarter, nothing is recorded. In that the MM's can sell stock they don't own, then buy stock they don't immediately sell permits them to control the markets to at least a degree. Today, I suspect that if the MM's weren't selling into the buy orders the price could have reached at least $1.25 and probably $1.50. As always, JMHO.
Gary
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