GREY:MDCGF - Post by User
Post by
stoic2on Dec 14, 2009 9:57pm
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Post# 16586918
MMM shaking and timing........
MMM shaking and timing........I think there was definitely something strange going on to quickly shake out some weak hands towards the end.
It all started in the last 30 mins and I was watching the trading closely during that time.
The move down was slow and gradual most of the trading day and this did not become a sudden surge until 25 mins before the bell, as if it was suddenly planned. The main point here, if the PMI news was generally regarded negative after the press release at 7.30am, then the surge would have been at the open, not at the close.
I did not record this and I have limited L2 so I am going on memory to some extend. Anyone with full L2 can check it out for themselves. Around 3pm the volume was around 340k moving slowly, with a continuing 2 cent gap on the B&A. The bids were at .74 and asks fluctuated at .75 and 76. For quite a long time it almost came to a standstill around 3.15 with bids at .73 and asks at .74 when someone mentioned that there was strong bid support at 111k @ .72 with very little on the ask. Sure enough, at around 3.20pm the .73 got taken out showing 111k (approx) @ .72 and asks of around 10k @.74 again with still a 2 cent gap. It stayed like this with no trades for nearly ten minutes, the sellers did not want to drop. Then at 3.30pm someone moved up 5k to bid .73. then another 4k and both got taken out but again, it was slow with the asks @ .74 relunctantly dropping to .73 in small lots.
What started the big rush of around 140k @.72 was BMO Nesbitt around 3.40, when they sold and bought (or simply transferred) to themselves 20k shares @ .72. This then triggered the rush of sells @ .72 that came out of nowhere by Anonymous. At 15:53 it was coming back to .74 but, at 15.54 it was yanked back down by just two trades @ .70 of 4k shares by Desjardins to Desjardins and 2k as the last trade at 15:58 from Scotia to Desjardins.
IMO, it all seemed pretty well orchestrated in the last 20 mins to cause some fear and it worked. So, watch out for tomorrow and don't panic.