The movements here have been nothing to do with the MMs, who've been sat back well down the book and letting the action happen. This is a SETS share so not controlled by the MMs like a SEAQ one, and plenty of us have DMA accounts! The rise this morning was engineered, could have done similar myself if I'd wanted to!
If the 100k and 250k at 5.25 turn out to be ghosts that isn't going to help hold it up either, suspect they are orders placed by whoever caused the rise and is selling into it, you need to try and prop the bid up to some extent as well whilst you do it!
Definitely was a stroke of luck, although would have been stopped out on open and likely would have recouped the loss now anyway. Always hard to tell how far up they'll take it, but that selling into the rise this morning was what made me very confident and ended up shorting a larger amount than i was trying yesterday anyway (still not a fortune as wouldn't risk a lot on an AIM short!). ATB.
This seems to be one of their favourites for doing it, although haven't seen it happen here for a while (mainly because you need some news or expectation of news to help get it going). Seems to me that a bit of hype around news coupled with some quick bursts of 'a' trades to wipe out the ask are enough to get it going and it snowballs from there, then you carefully sell into the rise. Works better here than most due to the number of shares in issue and can move it on very little (to wipe 1 million shares off of the ask in total at 5p you'd only need £12.5k in your DMA account), although they probably have to be a bit more careful selling into the rise than they do elsewhere. I could be wrong, but that is my reading of how they generate these rises. ATB.
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