Have you ever wondered why Omagine has needed 18 or more market makers since the stock's massive October run-up? In reality OMAG is an obscure, closely held, Bulletin Board stock with minuscule, if any, sponsorship (other than our group). Yes, we have come to love it for for good reason, despite its having been in the desperate clutches of outside forces, especially colluding trading firms, at least since Oct. 2, 2014.

So, what's the beef?

Pull up OMAG's one year daily price chart. It shows distinct, ongoing, rhythmic price behavior. Note the patterns. Typically, when OMAG's stock price rises sharply for a week or more, market makers with burdensome short positions, decide to reverse course in unison, looking to cover positions at a profit by dropping the price below their average short positions, and scaring the hell out stockholders. Market makers are under continuous regulatory pressures to close short positions. When the group of 18 senses it's time for their “Conga Dance”, the “All Dance” signal goes up, and the cycle repeats. sort of like reading music. The rhythmical beat is roughly six-eight days of shorting, followed closely by two-four days of short covering.

All these 18 trading companies are not making significant returns, but they sure know how to dance the Conga! So what is it all about? It should be obvious, but one can only speculate. The likely answer goes back to October 2-3, 2015 when OMAG touched $4.00 per share on +/- 800,000 shares traded. We suspect that large amounts of those shorted shares are still held by the “Conga Dancers” in safe keeping, sort of like the game, “Button-Button, whose got the button?”

SO, what is the lesson to be learned HERE?

We think it is obvious, but we can't prove it. SORRY!

Bob & Lynne Harrell