RE: RE: L2 again please... something odd happened.Just as I thought.
TD, Wolverton & Scotia bailed out when Global got back in line carrying a large bag of shares.
I've lost track but can anyone determine just how many shares Global has unloaded in the last while? It would be helpful knowing.
I have a theory as to why they are doing this so visibly. Consider that if Global actually thought the stock was a dog they would do something to cloak their sell order so they could sell it for a higher price. Iceberg orders would do this but they're choosing not to use them.
Instead they're displaying their intent to unload lots of shares on the cheap with little regard for them dropping in price further which suggests they are suffering a loss. You have to go back to 2009 to see lower prices but that year was a dog in it's own right. Simply put they want to keep the price down.
This would seem stupid but is it?
Look at the market depth summary...
Last Market by Price Update:21 Jul 2011 15:59 ET
Instrument Name: Canadian Imperial Venture Corp. Symbol: CQV
The market data displayed is provided on a 15-minute delayedbasis and we do not guarantee its accuracy or completeness. Please referto the date/time stamp above to obtain the age of the data in thistable.
BID | Orders | Volume | Price Range | | 43 | 4,697,000 | 0.010-0.040 | | ASK | Price Range | Volume | Orders | | 0.045-0.065 | 4,990,000 | 76 | |
There are 4M shares available at 0.065 and under (when you subtract what they have up at 0.045 & 0.050) and they could pick up all of those in a blink if they decided to place a massive buy order on positive news and if the price was severely depressed as it is now thanks to them.
IMO I think those sitting on the sell side (other than Global) are setting themselves up for a lot of pain. I would get out of that line and stand pat leaving no-one but Global and let them see how it feels to be alone with the cheap buyback shares gone. I don't know what TD had in mind when they showed up with 600k shares at 0.045 but it seems to me they got a clue and realized something was amiss.
I have one more observation and comment. Sometime between when Richsouth posted his L2 reports yesterday (20th) & the today (21st) Global yanked the 500k sell orders that were sitting at 0.055 & 0.060 for as long as I know.
Richsouth 7/20/2011 2:31:25 PM
0.0450 50,000 Global Maxfin Capital Inc. 12:47:07
0.0500 500,000 Global Maxfin Capital Inc. 03:25:11
0.0550 500,000 Global Maxfin Capital Inc. 03:25:11
0.0600 500,000 Global Maxfin Capital Inc. 03:25:11
Richsouth 7/21/2011 9:49:33 AM
0.0450 32,000 Global Maxfin Capital Inc. 03:25:12
0.0500 500,000 Global Maxfin Capital Inc. 03:25:12Why?
Maybe it's because they're close to exhausting their CQV shares. It looks like they sold a lot of shares yesterday. I don't know how much but the recent sales order history suggests more than 50k shares so they must have dropped in another 500k block. Between now and then they've sold that down to 32k so if I'm correct they pulled their 500k @ 0.06 sale order to place yesterday's 500k @ 0.045 sell order and they pulled the 500k @ 0.055 order to place their LAST 500k @ 0.045 sell order today. Thanks to Namada for posting...
Namada 7/21/2011 3:47:07 PMPrice Size ATS Broker Time
0.045 392,000 V 42 07-21 14:27
0.050 500,000 V 42 07-13 08:44
I believe they have less than 892k shares left so their ability to hold down sp is dwindling and they only have a day or so left to play this game. Wouldn't that be nice?
But maybe I'm over-thinking this ;-)
I'm currently being ignored by 4 but expecting that number to rise as I do CQV's price :-)
GLTA