Any ideas/explanation?Last thurs. afternoon just about half hour before close house 80 threw up 497k shares for sale at 0.64 .. that block seemed to appear out of the blue as the asks were pretty thin going up above .65 where it was trading.
A few small trades went thru with some buys at .64 before the market closed.
I fully expected to see that block removed from the ask on friday morning but it was still there..
Anyone with lvl2 watching would see it.. and i just wonder what that is about?
in fact it now grown to 667k @.64 from house 80 alone and a total of 680,844 @.64
On thurs. i was trying to understand this reason and it seems it must only be someone trying to manipulate the sp possibly to get people to see the wall and sell.. maybe this seller is actually looking to buy?
But then if he wants cheaper shares why hasn't he walked th price down by selling into the ask?..he is just sitting at 0.64
If it was a short position being set up he would be selling into the ask all day..
So.. from my perspective it is a got me baffled.. IE: If it was a block of support set up on the buy side at say 0.60 or 0.62 it would be re-assuring but as it is on the sell side.. i really just don't know...
Anyone have any ideas to share about it? thanks!
gs2