I was gone all day today and I have to admit I was stunned by NOT on my return home. Not surprised that it would happen, just that it would happen now. Why now?? Full disclosure, I do not have a position right now and like everyone else, trying to figure out if there is flames or just smoke.
I went back to stockwatch and studied how the day evolved. Anonymous had a 50k bid at 51 at the open which was filled and then either had an iceberg or a large bid at 50 that was dumped into mostly by TD. All toll, they picked up 245k ish shares by 10:11 at an average of less than 51 cents. Then, at 10:26 you had the cross trade by Cannacord for 1.25M shares so we have "traded" over 1.5M shares in less then the first hour of trading. What happens next is a mix of retail houses jumped in and drove this to the 60 cents range. Only at that point did Anonymous and Cannacord jump in and start buying and drove this right into the close at 70 cents.
What does it all mean? Well, if you believe that Anonymous had inside info/leaked info to the effect that a buy out was coming, I find it strange that they sat back on the bid only and that TD dumped large blocks at them and then as the share price started to run, they did not buy any significant shares till we were over 60 cents. If they truly had info, I believe they would of been buying all day, not taking a 3 hour nap while the price moved from 50 to 60. Then you have Cannacord who did their cross at 50 cents this am at 10:26. Again, did they have info that was leaked? They did their cross and then sat with their arms crossed till 60 as well while retail jumped in based on the 1.5M+ volume in less then the first hour of trading.
My selfish point of view is that this run up was caused by excited retail from 50-60 and then 2 houses had buy programs kick in once we hit the 60 cent mark. However, it still feels like the sleeping beast has awaken and that even if nothing happens in the next few weeks, our share price may not return to the low levels we were at. Would love to hear other thoughts on the trading today.
Monday will be intersting for sure,
Glorieux
