Sum, I think the lack of buying is twofold and fairly simple.

First, owners of NOT are resource oriented so many are hanging onto a portfolio with substantially shrunken values. Those short of margin on a broader portfolio are not buying but are likely not selling their NOT. Some are shifting some money into NOT, but there are many compelling values out there right now. A deal or three in the junior area will eventually bring more money to buy NOT. Simple math. Even the shepherds are in fear right now, so us sheep don't want to look too brave.

Second, there are some bigger folks who are happy feeding bits of stock into the market to avoid any momentum from developing based on a chart. They are not manipulating it, just feeding the chart bear so he does not take on any bullish attributes. Anyone running this market on recent charts has not only sold all their equities, but probably their house and cottage as well , with the cash in a tin box and not a bank.When the sporadic retail buying accelerates, as it must eventually, those bigger folks will feed it to a point, then let it go. So, just as bashers will inundate realistic posts, in a weak market strategic buyers try to trade the chart past good news. I think we are there.

These are early days, and as long as RN has a well developed liquidity strategy, we may see this pattern for quite a while , with marginal increments in the sp until a major says "If I do not make a stab at it now, the bidding will get costly". I have no doubt that RN will execute financially in a way that a strategically focussed major is not going to gamble on NOT running out of money.