Reminder for Tuesday trading -->
All SFIO investors/traders, I just wanted to point out a few things before trading on Tuesday. I nor anyone else know where the pps is going on Tuesday, no one knows the future so do not believe any who claim to know where the pps is going.
ScottTrade could still be blocked for Tuesday, but who knows they may get an alternate clearing route/etc to use by then (hopefully for ST clients).
I personally think that some MMs will still be trading in the stock and so could if volume is low enough go ahead and sell a few shares to themselves (various accounts) at a very low sub penny price in order to manipulate the last transaction to be at some price (sub penny) for which they can cover on the cheap. Just watch volume, and do not let them scare you out of shares, though I think by now with the recent action, many here already have tough reptilian skin.
I think that if you happen to see low volume trades here and there at sub penny then it would I think be wise to place a bid just above the last transaction which if it is in sub penny then you would be getting a major discount for the shares from Fridays closing prices. Just think of the trading for Tuesday/Wed/Thur as a big long after hours session with low volume. I think it could be much lower volume than we are used to because of the GTCC lock and some brokerages/MMs not trading the SFIO market (blocked) though it does not mean that MMs cannot simply bring out their own real shares, even if only a very small block, to sell at some ridiculously low price in order for the pps to move down into sub penny so that they can quickly cover a gigantic block of shorted shares at that price, if possible.
Just take the action with a grain of salt because it could get volatile depending on the 'market' (liquidity) so in that environment the spot pps means even less than it does normally because you have even less of an investor base trading the shares than normally (and remember we saw volume of well over 100M on each of the days when the pps spiked up).
Hopefully only a few are blocked from trading (ST and Zecco I think) but even if you have unsettled shares you can still buy if you want so feel free to take advantage of the weakness of the bid. Remember, short covering will force the bid up up up while normal buyers will be looking to undercut the bid whenever possible. Just keep this dynamic in mind and keep an eye on the volume and the Level II, it does not lie (while the chart may tell tall tales all day).
cheers
GLTA!
