Aug. 14 at 11:59 PM
$CALC She looks damaged but increasingly like it may be building a legitimate bottom rather than undergoing an institutional exodus. Wednesday's extraordinarily strange, thin tape remains difficult, for me anyway, to explain, but the subsequent recovery and Friday's strong finish materially weaken the "run for the hills" interpretation. I see tutes taking substantial chunks of the company, and that says to me there’s some confidence. The institutions presence suggests to me some validation, but their financing economics are more complicated than simply owning stock at
$0.8033. I’m watching that level like a hawk. Should be fascinating if it gets there. Thats where we're likely to learn whether the June financing cohort acts as overhead supply, or whether those holders are actually prepared to sit on their positions for the larger clinical/compliance thesis. But I’ll reiterate…I know nothing. I’m comfortable taking the ride though.
GL
