So, I had front row seat to an event that happened this afternoon and thought I'd share. I believe MoneyDigger was also in the front-row. I think this illustrates the lengths they will go to, to accumulate these shares, and why you should not use stop loses.
I got up this moring and surveyed the landscape and eventually put in a buy (my best guess bid for the day) for 80 lots @1.47 - I was second after another lot of 20 lots.
Now I figured I'd just sit back, drink coffee, play FreeCell, and watch the paint dry.
Just before appproximately 2:55 PM I saw an ask go in for 2600 lots @ 1.49!
I said hey (wifey) look what they just put in - I wonder what they are doing...?
I them watched to see the following events transpire....
- At aprox 2:55, in a split second, someone bought 2 lots, then another 23 lots which knocked it to 2475 lots on the ask.
- Then the ask totally vaporised!!!
- Then it ran down hard and all 1.48 and 1.47 asks got filled - mine included - OMG.
- I just had enough time to cobble together another bid for an odd lot for 730 shares and it was the last fill before it began to run up.
- It then ran up hard into the mid 1.5x range.
My take...
Market sell followed by a market buy - and all stop losses taken out.
It was epic to say the least.
Thanks MoneyDigger for kicking it off.
TB
