delusions, page-18

Quarbing

Noticed that you refere to buyers v sellers. I think it is fairly common advice that you shouldn't really take to much notice of what is in the market depth after top 3 or so offerings, especially sell orders.

At the moment KAR has sell orders in right up to $12.00, with only 211,936 under $8.00. Example of other sells are 51,000 @ $9.00, 24,000 @ $9.50, 19,000 @ $10.00 and so on. It makes little sense to me to leave these sell orders on, when they are so far from market price. I did see that the ambitious lad that put 7,000 on at $20.00 last week has now withdrawn today.

I watched one of those bots yesterday. It was playing with a parcle of 48,000 shares. I am amazed at how quickly it can get on and off the market. It would pick a price 2 or 3 cents above last trade, and if a buy order was placed at its price, it could actually get out before trade was confirmed. It works in milliseconds. Happend a few times and managed to do its job and force price down. There is another lot of 75,000 shares that floats up and down, usually 20 or so cents above trading price.