Nearly 4m were sold at 10c - around 5% of MTM stock. Who would do that? And why? If stock price was to get within 16c in a week, why would sellers take such a big loss of selling at 10 instead of 16?
Another reason why I want to see what is happening is to see what happens in next few days. To say that selling was savage may still be understatement. Usually I have seen this type of selling is by people who are the know. Also its clear that retail were not selling much. Otherwise oppies would have dropped to around 2.5. Because from here at oppies 3.5 - to make 200% you can make it in shares before you make in oppies. Considering oppies are risky because of poor liquidity, a 200% gain is still very good and heads can provide that in much better way - allows one to exit when one wants.
As I feel anything can happen from here. We only have around 90m stocks so easy to play around. My gut feel is that there may be one more scare before things stabilise. One reason is that now Pomme holds the key. Laverton did not give Ionic and Sulphide - so nothing from that side to push it much higher. Although more tests and explorations can happen to see if it is the case - but for now market may not give much to it - I feel.
Interesting week coming up, and could be volatile as well. Most important for me - who was selling, and how much they have still got?
MTM Price at posting:
11.0¢ Sentiment: None Disclosure: Held
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