GREY:MAAFF - Post by User
Post by
netstarson Mar 23, 2011 10:34am
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Post# 18327348
Yesterday's Selloff
Yesterday's SelloffYesterday's sell-off occurred largely in the last hour - and especially in the last 15 minutes. One house did almost all the selling, Merrill Lynch. A small quantity was sold at 12 cents per share. All this suggests that someone wanted to liquidate his / her position yesterday - by end of day.
I thought it most likely that the financials were to be released after the close or before the opening this morning. That hasn't happened. Or some negative news other than financials. That hasn't happened yet either.
Second most likely scenario: forced sale - perhaps a margin call.
Someone has suggested that the financials will be released next Tuesday. If that's the case, it's unlikely that they are the cause of yesterday's sell-off. Why sell down to 6.5 million shares down to 12 cents when you have more time ahead of the news?
People are waiting to see whether the Merrill Lynch has more. If it doesn't, then I expect the share price to recover, though any recovery will be limited ahead of the upcoming release of the financials next week.
Just my two cents worth.
GTLA