Let me try and throw out the facts on electronic trading regardless of the platform. If a sell order is in queue with an amount of shares and price, it will be executed in accordance with a match of one or multiple buy orders at that price and within the number of shares offered on both sides. The only way for an order to be pulled ahead of an electronic trade execution is for the seller to pull it ahead of the flow of electrons within the servers and transmission lines which is pretty much impossible in respect to the timing and speed of the technology. All this talk of fraud, con jobs and criminal activity is by and large just talk without substance. I went back and looked at the tapes and there is no indication that this stock is being manipulated. Electronic trading today pretty much negates the ability of the vast majority of traders to slant the prices one way or another.
I am sure the responses to this post will dispute everything said. However, it seems to me the stock has moved pretty much in accordance with the scope and timing of information made public by the company. I own 42,500 shares at $3.95 and have owned it for a couple of years. I sold some shares in August '09 in the 7's due to overvaluation and have been repurchasing over the last several months at lower prices. With all the questionable market activity occurring over the last several years, it's refreshing to invest in a company because of fundamentals and superior management and see the improving valuation.
There is a fine line between manipulation and smart trading. It's not so much the funds as it is the way the market is setup. Only 1/2 of 1 percent of the stock is traded yet the price can change 5%. It's almost axiomatic that the stock can be fudged(manipulated) to get the best price. How could a fund buy or sell 300K without sending the stock into a whirlwind. Looking at it from a different perspective one might consider the motive for all this. If it's to make a gain based on manipulaTion alone I might have an issue. However what if they are seeking a long position at a good price, now they are doing nothing more then the rest of just, just better.
God Bless you for having the patience and willingness to try to spell out the very, very obvious for someone whose first post here what certainly appears to be a direct, flat out, refusal to believe hijinx has been perpetrated in IEC trading and, worse yet, perhaps an attempt to discredit those here including myself, peppy, and others that have been watching said hijinx go on for a long time.
I don't think I have the patience anymore for trying to "convince" anyone of what several of us have watched occur before their very eyes. It strikes me as the old gag of "Who are you going to believe? Me? Or your lying EYES!!" as if anything anyone tells you on the internet is somehow going to be more credible than what you have witnessed with your own eyes.
You are likely a better, more patient, more trusting soul than I and I salute you for it....
OK, so you were reviewing actual executions.
What was being observed the other day were placements of large offers and then pulling them; big block buys at the offer immediately followed by 100 share lots at the bid, and specifically the other day, a major buying spree towards the close with the 4PM closing price of 7.30 followed by 7.10 small lot at 4:01PM which was accepted by the record, adjusting down the print price by 20 cents, keeping IEC off of various % move lists.
That is allegedly kickback money called "rebates" for the EDGX types for supposedly "providing LIQUIDITY".
The only problem is the hig frequeny trading scum "walk away" from providing Liquidity as soon as it is really need like last MAY during the "flash crash" the HFT scumbags and their ilk just walked away and refused to "provide" the "liquidity" they get paid to provide. They call themselves market makers, get the benefits of being market makers, have all the data ahead of everyone else by milliseconds, but they are not "market makers" they are conniving scum and as far as I am concerned they are thieves committing a crime that has not yet been codified as a crime---YET.
Yomanta posted this observation that seems astute as well as very obvious but, sadly, IT DOES NOT APPLY TO IEC DUE TO ITS LOW VOLUME.
<<<<<tape means both sides of the buy/sell of the day in question. I have a fairly good knowledge of trading platforms and technology. If a buy is entered at a price that matches a sell, the electronic process will fill the order within the parameters. Sure, orders can be placed and then canceled but only before the other side is entered. If a match is recognized, it will be executed.>>>>
The words are all very nice, and the point would be well made if we had a high volume stock full of legitimate buyers and sellers making a generally FAIR AND EFFICIENT MARKET. However, with the low volume IEC has constantly traded at for long stretches, YOMANTA's above listed comments, observations, and conclusions do not hold up to the critical eye of anyone who has indeed watched IEC's level II trading in REAL TIME for great periods of times.
I am suspicious of Yomanta for several well placed reasons. First the guy is a brand new poster with no history or credibility commenting on and, apparently dismissing out of hand, the trading hijinx many have witnessed firsthand in IEC. Second, his appearance is magically at a new 52 week high and pennies away from a multi year high. Third, he used what I believe is totally worthless cute and flippant catch phrases that mean absolutely nothing like "I have reviewed the tape......etc. etc. etc." in trying to make his argument--this is part of what makes him and his posts contents suspect to me.
Yup, electronic trading is efficient and great alright. It's great for market makers, dark pools, high frequency traders, boiler room scoundrels, and any one with a few terminals and a couple accounts and some bad intentions.
The bottom line is we have all seen way too many FAKE blocks flashed at the ask in attempts to scare real folks into selling at lower prices and/or to prevent real people from buying because they see the phony large block that looks like someone is trying to dump. These FAKE BLOCKS are FAKE because they either get pulled the instant the BID and Buying pressure gets close or if someone nibbles the first 100 or 200 or 300 shares the block magically disappears.
There has been plenty hitting the bid and better yet hitting below the bid with is widely known as 100 share hijinx to the many who have watched it. The most telling indicator is that the second any real buying pressure from outside the group of hucksters that have been toying with IEC for a long time, the price of IEC suddenly jumps up higher often on little more than a 100 shares or 200 shares volume like a cork that has been held under water against its will that has finally been let go.
The very nature of supply versus demand says you cannot have lots of institutional buy pressure with short covering pressure at the same time coupled with no institutional selling or insider selling to offset buying pressure yet somehow the price is not drastically affected to the upside especially in a low volume stock like IEC has been.
Yes, there has been aggressive institutional accumulation and there has been documented short covering at the same time, and yes, there has been aggressive chicanery, hijinx, or manipulation (whatever you want to call it) as it has been going on. Whoever has been doing it has the obvious intention of accumulating or covering a short at the best prices possible. Misleading real people into selling cheaply is one of the outcomes and preventing others from buying is another.
Opinions are wonderful. Facts are much better. Opinions backed by credibility and facts are even better. I am sorry yomanta, your post is not back by any Facts or credibility to the extent that I can take it for more than a grain of salt. That is my opinion.
There are two kinds of people in any discussion about the shady, fraudulent, manipulative trading tactics that have been used for a long time now most likely by those seeking to accumulate as many shares as they can as cheaply as possible without their true intentions being known.
The first kind of people are the ones who have watched it over and over and over and over again and know for a FACT it has been shamelessly perpetrated and it has worked like a charm as they have kept a nice tight lid on IEC's price action in the last 3 months as institutions like Highly Respected Tocqueville Capital have bought near 2% of the company (about 180,000 shares) while at the same time short sellers have been covering as confirmed by NASDAQ.COM's short interest numbers.
The second kind of person denies the obvious scams that have been perpetrated either because they are simply clueless because they were not watching like a pit bull watches a rib bone or they are something more sinister as they are trying to peddle some misleading BS agenda that the trading was just fine, not fraudulent in any way, and merely reflects a perfectly efficient market that accurately depicted he laws of supply and demand.
The first post that tried to flippantly dismiss the fraudulent, manipulative hijinx in IEC's trading that many of us know to be very obvious FACT with an infantile response like "I checked the tapes" and blah, blah, blah is of sinister nature.
Any person who magically pops up on a day IEC is knocking at multi year highs and makes the AMEX top 10 % gainers list to sell you ignorant BS like, "I reviewed the tapes" and everything you know to be TRUE because you saw it firsthand is somehow FALSE is not your friend. They do not have your best interest at heart. They are not sharing some startling revelation meant to help you and your family grow your wealth. Sorry, folks like that have something a little more sinister in mind and they are not to be trusted in any way until prove otherwise with a mountain of irrefutable evidence. Sorry, "I reviewed the tapes" is not a mountain of irrefutable evidence, it is just a mountain of hapless, shady, agenda serving BS.
Hey Yomama! First of all, SURE you sold some in the 7's for overvaluation. Why didn't you think it was overvalued at $5 or $6? Funny how posters like to come on here and brag about their good fortune as they happened to get out at the top!
And secondly, there IS manipulation. Would your "tape" show a 10,000 share ask placed and then removed 5 minutes later with no trades going through? I'm thinking probably not. Don't you see the high volume asks constantly out there trying to keep a lid on this??? I don't have a "tape" and I can see it!! And I'll admit to something, too. Before I knew there was such manipulation, I was watching this stock when it jumped into the 6's last month. I bid 6.00 on Nov 9 after I saw the announcement and on Nov 11, mid-day, saw a 9,000 share block at 6.40, so I bit and bought some at 6.44. Not long after, the 9k bid went away. Does your tape show 9,000 shares traded on Nov 11 at 6.40? I didn't think so! So I'm left holding the bag! I got the rest of mine the next day at $6 and check my posts, have been accumulating under $6 since then. But that 9k share bid got me to jump, and I believe that these phantom high share asks have been forcing impatient traders into giving up and selling.
If you're not watching the bid/ask as close as peppy and bottum, you have no business disputing what they say. And if you ARE watching it as closely, you wouldn't dispute it at all!
You need to come up with a better argument than the price is moving as it should!
Now that the price is heading up, watch for those large blocks to shift back to bids while they sucker people into buying high. Then watch them disappear!