What we are seeing is the result of a stock that has virtually no buying interest suffering the pressure of some selling. Supply and demand basics. The lack of interest shows in the market depth.
We see the odd guy want out and when he wishes to dump 30 or 50K to the best bids, the stock takes a pounding. Watch as you see now that its not just one house selling, it's a mixed bag of sellers. There are also the odd few that may have drawn a line in the sand, that throw in the towel once trading gets to a certain retracement level.
We managed to hang on to 80 cents as a new base after that last run to 95, then out comes the news that everyone has another month to wait and it doesn't take a rocket scientist to figure out where the stock will go after that wonderful announcement. These guys get top marks for how to let the wind out of the sails when it comes to stock promotion.
Our previous low was .55, I don't see us going there, but hey, never say never. I worry that these guys may miss a now very public deadline and then god help us? Is the outcome in Micon's hands or ISM's? Christmas will be upon us and I am not sure what everyone's work schedules are like in that period. Holidays means January the work gets done?
Top that off with the pressure of possible tax loss selling as we approach old lows ( loss levels) Had we been still sitting at .80 and going into this "due date" I would feel there may not be any tax loss situation/condition.
Recall that for tax loss one has to unload and be out 30 days before buying back. possible there are the early adopters getting over with now in anticipation of a missed deadline and a buy back later when it really tanks.
The pressure is now on the meet or beat. Mid December thrown out as the "anticipated completion date". Do we underpromise and overdeliver?
Love to see a surprise announcement when most of those "astute" traders least expect it and are caught off the bus...........
How about a nice big halt? IMHO
