Anyone else notice the cross-trade today for 2.5m at 2c?...
It was crossed at a crucial time in the intra-day cycle...and at a time when most traders were happily paying 2.1c for their shares.
Well...it appears to have achieved it's objective of curtailing peoples high side expectations, as evidenced by the constant trickle of smallish sellers appearing at 2c ever since.
So what's the problem I here you say?
Well...it seems the broker who crossed this order, reversed it some time later...oh gee wiz...sorry about that folks...hope I didn't cause you to panic?
It was obviously designed to slow down the rise, which is actually a very good thing...regardless however, the point I am making is that the order had an effect on the daily trading patterns...in spite of it not actually being a real order.
You see this sort of thing far too often in my opinion...in this case, they obviously did it to help cap the price rise...at other times on other stocks, I have the same sort of thing done to prop a share up.
Both wrong in my opinion.
Cheers!
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