I think everyone saw a pullback coming, but were hoping it would not pull us back this far. After nearly 400% gain in a month, this is expected. I guess thats why they call it free markets.....
Obviously you can see some of the pullback being profit takers stacked with some short sellers, but I also see the institutional buying pulling back their support. I would guess they are pulling the rug from under the sellers hoping to get cheap shares. Its a common tactic of Market makers. With bid support dwindling under very little pressure, thats what it is. Its a long term tactic for traders.
I would not be surprised if the short interest, which was only 1600 shares recently, is now above 50K. Its opening some great opportunities for people to get somes shares again cheaper. Many had felt they missed the great prices when we were trading above a $1, but here we are again.
Looking for Friday to close out the week strong and end the news worthy week even or up.