Hi bpinvestnstocks.
One thing we can be sure about is the activity of algos. The numerous very small parcels of share trades shows the action of algo trading. There were 2150 trades today on the ASX alone with many parcels being less than $500. That type of trading is demonstrably algo's being used by market participants and professional investors. Don't know the number of trades on Chi-X; but the volume was high, so algo's were surely active there as well.
The Wardens Court hearing just adds to the negative sentiment of the momentum downturn that was based on no good news expected in the short term following a sharp and significant SP rise in the week leading up to the AGM.
Tenement forfeiture claims are very common in W.A. so nothing unusual about cowboys and claim jumpers trying one on. In this case these claim jumpers are relying on a legal technicality that can be given an exemption by the relevant Minister. As Sharpey summed up so well, they have no chance of winning because the mitigating circumstances for the Administrators not dealing with the tenements properly plus the fact that previous years expenditures where already in surplus are too overwhelming for the Minister not to apply an exemption. It is a 'chicken little' moment of the highest degree IMHO
Don't worry about the spotty posters coming on here with there scare tactics. The applicants are dumbo claim jumpers who are desperate, misguided and carrying a giant chip on their shoulders. He used to be "interesting" before his cover was blown hahaha.
If the sell off continues it will be another case of golden opportunity to acquire cheap shares. It might continue because the Register is full of retail investors that often act on fear so it will all be in the timing. Thus IMHO acquire extra holdings incrementally because who really knows how much lower the SP will be driven? All I know is it will bottom when buyer support steps up to the plate and then the algos will swing from churning and washing on the downside to churning and washing on the upside.
Mark my words from experiential learning over many years in these markets, plenty of the daily trading in both the ASX and Chi-X is churning and washing by algo traders using high frequency platforms. Churning and washing is an illegal practice except for authorised market makers. Many stocks on the ASX are liquid and don't need market makers anyway. The Regulators either can't or won't deal with this illegal practice properly and it is more prevalent each year as new algo traders join the market in increasing numbers....... mostly they are the "direct market participants" as it is termed by the ASX and the others being the big boys amongst the group named "professional investors" as it is termed in the Corporations Act!!!
IMHO it is so bad nowadays that it really needs a Royal Commission because the mums and dads as well as the young folk of Australia are having their super funds creamed off by this practice (amongst other illegal tactics that flood the swamp daily!!!!!).
Oh the axiom of what big money does to people.......... show me the money place and I'll show you a crime scene!
Cheers
