When there is no material news, all that is left for a stock price is speculation. There are two short term factors in investors/speculators' minds. The price goes up 10 or 20% because some people feel good about the stock thinking that news might be coming and the stock retreats 10 or 20% when investors/speculators wonder if any more short term financings might be on the horizon. Either camp doesn't really know up to the moment, hence a fluctuation in the share price. Traders take advantage of sentiment and some go out of their way to push that sentiment in either direction whether they really intend to do that or not. Bottom line is that no one really knows. All that people know is share prices go up or down with reason and sometimes lack of reason until something material verifies the direction of the stock. Everything else is just noise.

Monolithic