Grab an intraday one day chart, squeeze your eyes down into the last minute, note the selling volume creating a further down tick:
Banging the close occurs when a trader acquires a substantial position leading up to the closing period, and then offsets the position before the end of trading to try to manipulate closing prices.
www.reuters.com/article/2012/03/14/us-financial-regulation-mfglobal-idUSBRE82D1EX20120314
Banging the Close: A manipulative or disruptive trading practice whereby a trader buys or sells a large number of futures contracts during the closing period of a futures contract (that is, the period during which the futures settlement price is determined) in order to benefit an even larger position in an option, swap, or other derivative that is cash settled based on the futures settlement price on that day. [Applies to equities as well.]
www.cftc.gov/consumerprotection/educationcenter/cftcglossary/glossary_b
Shortly after A4O suggested that the ASX Shortsell list was not comprehensive I looked at the charts, share registry (Bets on Maq hovering just below 5.00%) and fundamentals including Brazil; and thought about it. I think he's right.
The question for me was: Why!? There is a clear, well controlled strategy here. What is it? Without hard facts my speculation ranged from: second party intervention for a third party cheap t/o (go see where Anglo's mines are), to the counter-party of BDR's hedge trying to claw back losses (who is the counter-party?); this mental exercise has given no conclusion for me.
I only know what I own.
OV
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