Why Noront will never close below $6.00 again - based on today's trading
posted on
Mar 04, 2008 04:24PM
I believe it is now unlikely that Noront will ever close below $6.00 again. If you look at today's trading action, you will see that there was a huge amount of stock (1.2 million shares) acquired approximately 1 hour after trading opened today, and the price moved up about 20 cents shortly thereafter. You will also notice that there was, outside of that noticeably huge block, small amount purchases, until shortly after 2 hours of trading, at which time there were some sizeable purchases (compared to the rest of the day, but small in comparison to the 1.2 million share boost) in quick succession, for substantially lower and lower prices until the price was driven down to $5.76. Then for the rest of the day, there were hundreds of little sized (compared to the bigger ones mentioned) purchases made and the price remained fairly steady above $6.30 until 4 hours after trading opened, when the price began to gradually rise on a multitude of small sized purchases, up to around $6.50 at 30 minutes before close of the market, then a quicker value rise up to $6.85 during the last half hour of trading - but all on hundreds of small orders that tended to be around a few thousand shares at a time. What I believe this indicates is that the word has gotten out to so many individual investors now, that they realize that owning shares in this comany at less than $7.00 is a heck of a bargain. It was like a huge swarm of army ants overwhelming a much more powerful beast because of their numbers and their determination. I believe that a very great number of individual investors have been made aware of what we have, and also aware of the great potential of this stock to make some really big gains, that they are jumping on board and overwhelming some larger beasts (i.e., institutional investment groups) who would like to manipulate the price, and are bigger and more powerful than individual investors, but cannot withstand the onslaught of thousands of individual investors who smell an opportunity of a lifetime to acquire fabulous gains at (what will be in comparison) a very small buy-in price. I expect this to continue, and also expect that we will shortly be hearing about Eagle 3, and other news that will draw in even more "army ant" investors, who by sheer numbers, will give this stock more stable upward movement, and put a damper on the beastly institutional investment groups to manipulate the price.