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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (55947)	8/28/2015 10:50:23 PM
From: E_K_S	Read Replies (2) of 78753

RE: Ampco-Pittsburgh Corp. (AP) - A very small add to AP @ $11.49/share Tried to add another 30% to AP Thursday but I got a partial fill for only 4 shares. Ugh! These HFT algo programs took all my shares (they front runned my order by $0.005/share). AP is thinly traded unless Mario Gabelli is buying. I got pretty mad at Schwab as they get paid for their order flow from these HFT and then the algo programs can select their buys/sells accordingly. The problem is amplified on thinly traded stocks and as a result the retail investor gets screwed. You made some good value Buys Monday and were able to pick off some good stocks at excellent prices I think Mondays down draft was amplified by the HFT programs. SEC really needs to look at a better solution in providing liquidity even a 5 min - 10 min halt to trading rather than let the robots control the order flow. CVS was another one I watched that I missed w/ as much as a 20% move from Monday low to Thursday recovery high. Monday's crash was almost like the Flash crash and very different from the 2009 melt down or even the Black Monday Oct 1987 free fall. Both 1987 and 2009 had waves of selling pretty much all day. The 2009 event lasted a few days and 1987 was over in 24 hours. My takeaway is the market's illiquidity combined w/ some panic selling create some of the fastest value buys every time! It's too late to be a seller and selective buying can provide excellent entry point. This time is/was different because of the speed of the move that was exaggerated by the HFT algo programs. EKS

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