COY was interesting today
A lesson i did learn today after seeing so many of these tightly held stocks doing multi hundred percent gains is that if you are the first person to spot it and say something, apparently
1. You are running it and also cop the flack when they come back down to earth
2. You would be very surprised at the price i paid, and sold it for and how little units i had, im sure there was someone out there who made plenty of money on it and i can assure you it was not me lol i was far to hungover
As a day trader and you were watching the price action and spread, you would know 100 percent without a doubt that someone saw it, ran the numbers in terms of the free float, spread, EV and sector ( copper, which we all well know is on fire at the moment )
Turned on a algo to create spread and volume to create a market.
If i were to hazard a guess these types of algo's are not exactly cheap to build and or design, and you also need the right broker who has a back end API where you can run and design your own trading tools to plug into there back end system.
Its fairly well documented who i use as a broker, commsuc and they absolutely do not offer such back end operations for day traders.
Moral of the story is, dont be the first to find one of these silly runners we have seen this week and call it, how many has there been 20-30 odd ?
Because you can end up being the scape goat when someone looses on the trade, but then you can also be the hero if someone wins on the trade. Neither of these is my MO and I never expect any thanks if something does turn out well for someone. All i can say is well done for reading the price action and taking an income trade.
All i do is look for opportunities, and the theme of the week has been multi bagger small free float runners. This one has always been on my watch list, and it came up on my scanner.
By weeks end the ASX did crack down very quickly on these types of plays, so if you want to play, you cant be greedy.
Crazy how it got to 80 mil market cap
Same with alot of the others
BRN got to a billion dollar market cap on what again ?
We see these all the time, stocks that get inflated to rediculous market caps in the spec sector, but if traders are gonna trade, they gonna trade they dont care what the market cap of the company is they just wanna play.
Cheers
S
