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Technology Stocks : Altaba Inc. (formerly Yahoo)
AABA 19.630.0%Nov 6 4:00 PM EST
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To: aiowpy who wrote (979)7/16/1997 9:17:00 AM
From: Mighty_Mezz   of 27307
 
I know of no way to track MM ownership nor of determining how much of the volume is churn.
There is, of course, some short covering and some real buying [new longs please check in], but watching the action on the Island book alongside realtime quotes revels something very strange.
isld.com
Many minutes will go by without a trade. Then a bunch of 1k sell orders will hit the Island book 1/4 - 1/2 above the ask.
Immediately the price ticks up and most of these sells go off.
This has been going on for some time now; every new high went off as a sell order on Island. I've not seen any other stock immediately rise in price when sellers appear - it's usually buyers appearing which precedes a move up in price.
This is either MMs churning it upward, or there are a whole lot of psychic 1k traders out there who know when and how much the price is about to move up and place their sell orders accordingly.
I have also watched MM GSCO absorb 12K of sells at bid with no downtick, then one 500 share buy at ask will result in upticks of bid and ask. The MMs want it higher and, absent real selling, can take it as high as they want - until selling starts in earnest.
Congratulations to the longs with huge profits. Keep an eye on the MMs, when the shorts are sufficiently squuezed and the MMs stop supporting it, there will be noone left to buy and the fall could be dramatic.
Good luck and good trades.
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