Baytex Energy Corp T.BTE

watch pattern

[taxman26]

shorted 500k at open. shorted, reloaded in afternoon. bought 1.4 million at close.

They will use some over all 1.4 million to short on Monday.
watch for the higher volume on Monday open and close.

This is what the kids call manipulation. Algos at their best.

Nothing to do but wait it out. Nothing wrong with BTE.
Just a lot of stock overhang due to merger.

They have to control both ROCC and BTE. It would be great if there is an old disruption, BTE will explode.

Anyway, enjoy next couple months. Hopefully oil catches summer/china bid.

Best case Isreal bombs Iran uranium production...that will be happening in next year, I imagine.

[1234bmth]

What do you mean by saying they will use some over all 1.4M shares to short. You said they bought 1.4M shares at close, so if they bought that amount of shares it means they own them, therefore they can sell it, but not short. In short selling you don't own the shares rather you borrow them from others.

[taxman26]

You are correct, my semantic was incorrect. they will "sell" some of the shares at or near opening. Although, in truth, if you are not returning the borrowed stock you are still shorting, regardless. You will see the pattern for previous week and likely going forward. Also look at the price graph of rocc to bte over last 5 days, they are identical. compare to, say, TVE, similiar

[1234bmth]

If they bought 1.4M shares at close, so the price was between $5 to $5.03 now it depends what will be the open price on Monday I don't think they will sell below their purchase price unless there is more negative news on oil and market.

[taxman26]

I dont want to belabor this strategy bcz only my opinion. Think of it this way. You borrow 100 shares. You are now obligated to return those shares at a point in the future, regardless of price, your only obligation is to give 100 shares back to lender. So, you can buy and sell that 100 shares all you like. As long as you eventually return 100 shares. Sell at 5, buy at 4.99, sell at 4.98, buy