RAC - Charts & Price Action, page-16544

Thanks for clarifying your position.

Whether it's algo, or just regular manual small trades, the impact is the same, as I'll explain:

• Smaller retail sellers were, are and will continue to be an issue when price and vol are way down from ATH. Anyone selling now are seeing that even small price deviations have much larger impact that it would have had at all-time-highs. This is creating the volatility that you're trading on.
• We don't have the buyers to absorb the sellers, and the sellers are not holding out for top dollar OR are willing to knock the SP down by .5 of a point to make the sale. Some of this is demonstrably algo - but not all.
• News CANNOT be relied upon to generate a rerate in these Bio sector macro market conditions. It's so hostile out there for micro and small-cap bio. The exception would be end points for Clinical trials or a commercial deal.
• Unless sellers are willing to pause and create demand, rather than supply, the trend will continue downwards in these current conditions. Many very small repeated gains now may be better than a couple large gains later for some sellers. That's entirely their call - but it's very short sighted.