OK laugh away but I suspect you may be right Miami - either that or I am watchng this screen too bloody much.
But after watching the closing auction am more convinced again.
In the last hour of trading some 100,000 went thru at .63c and 32,000 went thru down as far as .625 but we only saw 10k at 63 for the closing auction - why?
A lot of direct market CFD providers wont let you participate in open or close auction unless you pay a monthly fee for live data with them - Many traders are scrooges (including me) don't like paying for data if you can get it free and wont pay the a second live data fee to a provider fee either but chose instead to use comsec etc for live prices and trade cfd's according to live data on the comsec platform - works just as quick and just as well as paying for a second live feed - only disadvantage is cant play at match up time. That is why to me watching the closing auction is important coz it cuts a lot of CFD's out.
My take on it is that probably in anticipation of a bad night in the US they come in on cue in the last hour of trade and start selling her down to make her look weaker (not that she needs that much help there lol) - having been happy to sell over 130k down to .625 in the last hour why a lousy 10k at 63 at the close auction - could it be that the bulk of them in the last hour were DMA CFD's.
Don't bother looking at the asx short sold website - they dont appear there. I have covered my longs overnight a number of times since the sell down and they have never caused that short sold list to change.
So yeah, I suspect you are right - a lot in the last hour were probably shorters and I will go as far as to say I suspect they are using dma cfd's - perhaps the only real order was the 10k at close who was spooked by the earlier action.
By the way - some providers wont keep an order in the queue overnight either - that can be why some significant changes can be seen on the buy and sell side O/N - of course it can also be from orders being purged and mind changes etc
CMR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
