I think that there probably has been a legitimate fund unwinding a position due to index reweighting perhaps. I think that a predatory algorithm, scanning the market for VWAP programs has then found one operating in AMX and has then started to front run and manipulate the trading activity in order to scam half cents movements, using false volumes and market making orders to create the movement in their favour. Sounds tricky but these guys do it everyday all day - Optiva, Susquehanna, Dimensional, Tibra. At the end of the day, all the volume action occurs where they match out any sides of the trade outstanding to end up with no position, short or long at the end of the day, or small amounts which they will then carry over into next day. There will be no change on the register after t+3.
AMX Price at posting:
27.0¢ Sentiment: LT Buy Disclosure: Held
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