Some of you may have seen my post in the ESG some time ago re: automated trading on a downtrend. Well, there was a 'major' short conducted this morning of approx 1000000 shares in IDL at 28, 27.5 and 27.
The algorithm is now working IDL lower.
Look at the stacked orders of odd numbered shares at various levels on the sell side. Automated trend trading, or as I call it "fear trading" at its best.
How far it will get 'pushed' down will depend on market /sector trend, but my educated guess is approx 24c, which would be 15% drop off its short.
Watch everytime it gets sold down a level, the system automatically stacks the offer.
Anyway, watch for the turn.... somewhere around the 25 cents, but we'll see what happens tomorrow.
IDL Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
