Trouble is though - you can't tell if a bid is a dummy stacker until after it is withdrawn. And as it is illegal to enter bids with no intention of them being traded, whoever is stacking the queue won't be flagging the bids as phony.
The last time I saw this to a similar extent, on another stock, the perpetrators were cunning enough to let part of the bid get executed, and THEN withdraw the balance. That tended to look a lot less obvious.
And of course, with HFT, some of those bids get flashed in and out of the queue so fast that neither the human eye nor the computer programs we use as retail traders/investors can even see what is going in and out - it just doesn't update fast enough.
But the question remains - WHY are they queue stacking, if that indeed is what it is? The price is getting pushed inexorably down yet again. VERY frustrating for longer term holders to see the stock being played with this way.
And it still begs the question as to whether or not somebody in the know is doing this, with information that is not yet available to the rest of us?
I will be VERY interested in the next "Substantial Holdings" announcement by Morgan Stanley.....
LYC Price at posting:
$1.32 Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)