About last Friday on E.Q. On Friday, February 12, 2009 FIRE’s stock price dropped from $2.21 to $1.92 – on a newsless-day.
The internet’s collective brain-trust toss up a puddle of theories: “They walk it up and down while retail takes it in the but” “Lol – the shorties got carried away today” “Looks like a lot of downward pressure attempts to buy in cheap before financials Tuesday.” “3 million share Market-On-Close Order sell from Anonymous today – doesn’t just look like profit-taking”.
Market-on-close orders are executed at or just after closing. These orders do not specify a target price. It ensures that the transaction is executed, but it leaves the investor vulnerable to end-of-day price moves.
We’ll leave the analysis of Friday’s anomalous trading activity to the technical chartists and conspiracy theorists.
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