Agree with all of the above! It's not that the classical model of supply and demand is wrong, but that the market depth we see is incomplete and often doesn't represent "real" buyers and sellers anyway.
In addition to all the buyers and sellers that are hidden by the ASX run Dark Pool, off market trades and buyers and sellers hidden behind Market Makers who are paid to process huge orders without pushing the price against the buyer or seller ("iceberg" orders for instance), there are many normal large and small traders who don't put their order in a que and simply wait for the price to hit and buy/sell at market.
And we don't see the Chi-X market depth, or easily accessible Chi-X total volume history for that matter. Chi-X trading has been as high as 30% of MYX trading for example on a given day.
And then we have the manipulation. For example, on occasion you will see large sell orders sitting at an obvious resistance level if "they" do not want the price to get past this level. Like now with MYX. These sell orders are left there for everyone to see to give the exact impression of selling pressure. Often, these sell orders are several lines away from the price action and will magically disappear or move further back if price comes to meet that level. Or if "they" are serious, the sell orders will be left there to absorb the buying, which they hope will subside and fall back in to a level where the manipulator will start buying again at a lower level- to accumulate or cover large short positions. This selling to them is simply a "cost" of nett buying at large volumes and works well during low volume trading days, but can become too expensive to absorb a large volume buying push. Works same in reverse if a price is being supported when large holders are trying to quit a long position.
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Last
$3.97 |
Change
0.000(0.00%) |
Mkt cap ! $337.7M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 500 | $3.97 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.69 | 21 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 500 | 3.970 |
1 | 500 | 3.960 |
1 | 500 | 3.950 |
3 | 2342 | 3.940 |
2 | 628 | 3.930 |
Price($) | Vol. | No. |
---|---|---|
3.690 | 21 | 1 |
3.760 | 21000 | 1 |
3.780 | 853 | 3 |
3.970 | 410 | 2 |
3.980 | 500 | 1 |
Last trade - 09.29am 15/08/2024 (20 minute delay) ? |
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