The annoying part (if you are on the other side of the trade) is not being able to determine how big the iceberg order is based on the depth, since only part of the order is showing -- I have often seen sells of e.g. 30,000 shares get taken out over and over and over again, only to see them automatically renewed by the program -- so are they dumping 150,000 or are they dumping 1,500,000?
Alternatively, one can justifiably argue that someone who wants off 1,500,000 could just sit there and reel out their stock using entries of 30,000 shares at a time manually anyway, in which case the iceberg feature is nothing but a time saver, because the stock price is still going to go wherever it may with that kind of pressure
Needless to say, the dynamics of icebergs on the buy side (to facilitate clandestine accumulation) are obviously more bullish, which is why RR is watching for them |
