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I agree about NITE and the manipulation. I've been a recipient. However there was MOMO to the tune of 10M shares traded in 3 days on the run to .40. 5M would probably get us back there but the buying pressure isn't happening until more data suggests the bond holders will be happy campers imo.
OK just a bit confused at the $10 call. My understanding is that the bonds need to be much higher for this to be a slam dunk for the preferreds. The J's closed at .10 again today. $10 seems pumpish to me at this point.
And 20M in uranium assets isn't a dealmaker when we're talking about billions to make bondholders whole. I'm optimistic, and cautious. I don't think anything is simple regarding the Lehman reorganization.
Could you explain your math to me?
tia
I think it's relevant since I've had few problems with fills at ask. I'm not bearish, I just want to see support and prefer not to fund those that have huge positions in any scalping of the spread.
Ultimately anyone that wants shares will pay what they are willing to pay regardless.
jmo
It's getting tighter.
I think it's relevant since I've had few problems with fills at ask. I'm not bearish, I just want to see support and prefer not to fund those that have huge positions in any scalping of the spread.
jmo
Yes I agree completely. I never thought bid upticks were a bearish sign. = )
Very odd. What level II do you have and who is your broker? My limits are usually filled @ limit but I don't need to put them higher than the current ask unless things are moving fast. I don't think any of the Lehman's have been in that situation in recent weeks but maybe I'm crazy.
Rikkitik - Why would you place 5K orders above the ask? I've always gotten fills at ask. There were a couple of exceptions with the cap trusts where I had difficulty getting filled at ask during runs. Never with the J's.
Brikk - You talk about traders while referring to longterm strategy. I'm positive but understand manipulation can go on for long time. If I buy all my shares at the ask and yet watch loads of shares sold at a 20% discount, I'm helping the scalpers and holding their bag.
If the longterm strategy is sound, then the J's are extremely undervalued here relative to the commons. Of course so are the cap trusts. At this point though, I'd rather hit the ask on the lower trusts, than buy more J's until others step up to the plate on the BID.
I did both today. How could you think I'm negative?
Yes I already said that. Why would I be concerned about not getting fills on larger bidwhacks? Because I don't appreciate anyone playing the spread to my disadvantage. MM's or otherwise. And anyone with a few 100 thousand shares from subpenny could play the spread with the current volume possibly, so as not to have "dead" money potentially.
I'm suggesting the spread IS the problem especially with the J's trading at parity with the commons here. Why hasn't the bid raised above .10 or 105?
I did it today.
Shhh let's keep it on the QT.
I'm not concerned with the tiny ones. I'm concerned with the 10's of thousands of shares that continually get sold at my bid without mine filling. The "tiny" ones are usually sold below my bids. Until bidders get more aggressive, nothings moving up. MM's are still shadowing.
They aren't all "tiny" hits. The cap trusts are different currently. There the bid taps are obvious. But here with the J's and maybe the other preferreds, we need the MM's (or whoever) to sell to willing buyers at a reasonable discount. When they aren't willing to meet the demand for shares, they will quit playing games. I got filled for 10K today moving my bid up and tightening the spread.
Maybe that's a positive sign.
Brikk - Clearly there is manipulation of the bid and ask. It does no good on low volume to buy the ask while the bid is static at 20% or more lower. Putting in strong bids will eventually force the ask to move up. Until I see more buying pressure than willing sellers at .12, there's no rush imo. We need numbers to move the bonds and so far the news isn't doing that.
and it explains the constant refrain to "buy the ask" while the bid keeps a trader's hearts cool distance.
I doubt it. I rarely have trouble getting filled at the ask. I'm done buying further shares until I see the bid move up and volume start to rise. I suspect those who bought subpenny are still letting some go.
I did get some good fills today at .115 and .11. First time I've had a bid filled in a long time.
Thanks. We need more bidding pressure imo.
I put in an order at 12:22 for 5K at .11. 5k shares traded within minutes so I thought I got a fill. Nada. Now I've moved it to .115. Does anyone else have bids in at .11 or higher currently? It appears we need much more bid pressure to stop the manipulation.
And thank you kindly for the personmark Teapeebubbles!
BOOMAGE IMMANENT!!!!!!!
Kuwlness - Bought small position in LTBR today and will add more as funds allow. Nice close!
Funny - I put the order in at 4.50 limit. You can see the execution price. That .01 must be important to somebody.
I was 100% of the volume today. WHHEEEEE!!
SerIusly PHi maGicK SQuARe SHeWs WiLL + IllumNATION = PrOFiTS
OMG!! ALIENS are buying?? This is a GALACTIC PLAY!
HURRICANE FORCE 5! NO WAY TO KNOW HOW HIGH SHE CAN GOOOOO!!!!!
Somebody will use that for a siggy. I'd to use this one if I could figure out how.
http://www.markhadfield.tv/wp-content/uploads/2009/05/disc-card.jpg
At least you can't claim they are diluting. Time to buy?
Good post. The NOL carrybacks impact on the balance sheet should be more quantifiable in the short term. They didn't receive TARP so I hope this gets addressed soon. Am I wrong Coach or others?
Rikkitik - I've done 80 - 90% of my buying at the ask because many bids go unfilled. I am just tired of paying the MM premium at this stage.
True and very it's suspicious when there are bids higher than executed sells. I bought my first K's at about parity with commons months ago. There's much more positive information since then, so I'm holding. Time will tell.
I don't know what it means other than I cannot buy shares other than at the ask. At least not yet. Was this in common with the WAMU parlay or are those that got J shares subpenny selling now?
Same to you. I'm just waiting for the dam to break.
I'm going to slap the ask on the P's tomorrow. Does anyone want to sell me some?
Tomorrow I'm slapping the ask on the P's though. So whoever wants to sell them, I'm buying a few.
Coach - I'm keeping the faith but all these dates seem to pass with little effect. I think the perfect storm will hit though no longer confident we can predict the timing. Amazing that the commons are trading at parity with the preferreds though.
I've had three GTC orders for J's in at .09, and .10 for weeks with NO fills, not even partials with two brokerages.
Time to git er done!
Then he should be in the big "L"
Ha!
Well you can never have too many pumps!!
http://theshoegoddess.com/wp-content/uploads/2008/04/alessandro-de%27ll-aqua-High-Heel-d%27Orsay-Pump-with-Ankle-Tie-552-shop.jpg