Hope you all had a great week and made some money.
@Elite_Trader made a very good post this am reg. MHK, I want to share some observations from the broker data.
Off the 66mil shares traded on Tue, there wasn't one net buyer with > 1 mil shares...which I felt was ridiculous. It's a tightly held stock, but still "they" managed to churn it crazy. If we think clients thru CS churning 4.5mil was too much, look at 3p on that day, 15mil buys and sells, which is 30% of the register. State One, Morrison etc are in similar bucket but on a lesser scale.
Not saying any of this is new, I'm sure the veterans here may have seem this many many times, after all retail are like small fish swimming with sharks, so I expect nothing less. But, this year some brokers or clients thru these brokers have bots running in a very clever way (e.g. from IOU in Feb to W2V today) with a simple aim, at least to my novice eyes....raise the SP up with a lot of churn, don't have to make much money through this process, but probably set a platform for their clients to distribute at these elevated levels. May be I'm talking gibberish .... but it was too much, so I let go my rest of the shares....was hard to throw them to the hungry wolves, but felt that's the right thing to do.
Tried a couple of intraday trades, and out of both of them for brokerage which turned out to be the right decision. Don't like what's happening with Evergrande in China. Time to do some homework and prepare for next week. Still holding SCU and slowly sinking with the ship
.... but it was too much, so I let go my rest of the shares....was hard to throw them to the hungry wolves, but felt that's the right thing to do.
