Dave,
I know that you and a few others suspect that the last month worth of selling by TD Greenline has been all retail and mainly of the margin call variety.
You make the assertion that "Greenline is virtually all retail investors."
I am not so sure of that. I know TD Waterhouse is the second largest discount retail broker in the world behind Schwabb, but this does not imply that they do not participate in institutional trading. TD has one single broker code, 07, which covers anything TD (Waterhouse, Greenline, or other).
TD has a multitude of mutual funds including the TD Health Sciences Fund, managed by Chris Jenner. Furthermore, with the recent merger with Canada Trust, a whole other group of funds was incorporated under the TD umbrella. My point here is that I suspect that when TD buys or sells for their funds, they likely do much of it themselves. This would be represented by broker code 07. I don't know this for sure, but I doubt that RBC DS or CIBC handle TD's fund trading.
In other words, I am almost certain that TD Greenline (07) is not only retail.
Personally, I don't see the size and pattern of the selling, by TD in the last month, as being retail in character.
Maybe you are correct, I can't be sure. If it is retail margin selling, then the % of DMX institutionally held has gone up nicely.
If anyone can confirm if TD is strictly retail, it would be much appreciated.
Joe |
