I have an average in of .08 cents (I swung)for a break even, I started at .095 sold at .115, back in at .10 - 2 cents profit = .08 average not including commission, and feel reasonably safe to wait for another pop. it is also quite reasonable that the next pop will be more stable and hold as the weaker poker players wash out. This means that I will be doing a short term long hold if you can follow the drift.
The sellers at this level comprise of two types:
1. People who think the ride is over, and are moving on and,
2. Some Level II action that looks like to be manipulation to pop it again.
The bears are going to have to blast away over 2 million shares to get to me (it could happen), and, at that point, more will move in(the bids are much smaller lower), and even if they don't, the bears will most likely let it rise to be better size bid lots if there is manipulation.
A dymnamic of support busting is that, small bids tend to sit as the bears wait, fearing to drive the price down, and the contraire is that, the bulls see it as evidence the down move is over, so they hit the asks from the side, and drive the price back up, the bids rebuild, bolstering confidence... If the bid...to...ask spread moves to the upside, even better.
Penny plays are all about fear and greed.
We also have some good looking TA showing at least for the short term, this issue is cycling up and should continue to do so. I still think .20 cents or more is quite possible due to the extermely low price and bullish market setting in spite of the doldrums.
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