Interesting reading . . .GOLONGI nearly crapped myself when I woke up from a nap atthe precise moment my shares tumbled from 7.00 to 4.60. After rubbing myeyes, smoking a cigarette and coming back, I checked the minutevolumes...
What happened was an enormous marketsell order at 2:33 (2.5m shares) that triggered everyone's stop losses.Immediately followed by a 1million share buy order at 2:34. This waspure manipulation by some large player who stopped everyone out andgobbled up there shares at a serious discount.
Somebodywas watching closely and knew that all the longs were eagerly awaitingthe Prosperity mine decision and decided to cause a few heart attacksand make a few million dollars dollars in the process. I doubt it was ahedge or mutual fund because they typically take measures to sell largeblocks of shares off the market or in increments so as not to cause thissort of crash. I think it was a private equity group that has beenaccumulating shares for the last two weeks on increased volume and thendecided to drop an atom bomb and make a bunch of cash.