The Quarterly was not the cause of the run today, but we can thank LTR for providing the fuel.
I was expecting the SP to actually go down today with control by BEOT so that they could continue to affect their orderly exit. Much the same as the previous quarter’s report behavior – great report just like this one – what happened (25 Oct 2022), BEOT absorbed the buying pressure until it was exhausted then proceeded to force the price down to below the previous close – it gapped up 12 cents on open, hit a high of $5.66 (ATH) or 28 cents above its previous close, then when buying exhausted it was forced down to low of $5.30 and came back to close at $5.36, 2 cents below its previous close – the quarterly had no effect on price last quarter as the results were known and only enthusiasm propelled it higher temporarily. BEOT continued on their accumulation phase without the slightest acknowledgement of the great results – only their objectives and profits matter.
I was anticipating similar today (to continue BEOT orderly closure of shorts and orderly exit program), but LTR gave the fuel to give PLS a boost as their weakness made our production a strength, their possible future delay to production and issues with finance fed to our strength – production and money. It really showed how strong our company is, and it was irresistible not to take sides with the stronger party – and buy. The course of trade started similar – gap, then buying pressure, but it continued throughout the day and wasn’t fully exhausted. They tried to bring it back around 1:30 to 2pm but the buying pressure continued and it kept on going up as supply diminished at lower levels.
The course of trade today was a mix of BEOT (some of) having a flutter and boosting their portfolios, while others (with open shorts) got a bit of a charcoal tinge, but not much (some of them might have been like chimney-sweeps after today – ha ha ha - but not many). The BOTS were still working hard, still shorts being created to minimise the upward pressure. All in a day’s work. Makes it a bit harder for those who still have open shorts and they will need to work harder and expend more to bring the price back down so they can have their orderly exit.
Next week will be interesting, as it could get away, but they are not going to let 100M shorts burn without a fight. Might minimise their risk by stabilising the price around where it is as it may be hard / expensive to try and take the ground back to low $4’s.
We will see.
Good luck all. They’re not getting mine ha ha ha – dividends here we come. Life is good.
PLS Price at posting:
$4.55 Sentiment: None Disclosure: Held
(20min delay)