DD Support Board and Research Team

[samsamsamiam]

AMWI - the game is on! a lesson in T-Trades and what they mean
A good stock to follow to see what happens.

$ 0.176 0.146 (+486.67%) Volume: 71.87 m 3:59 PM EST Nov 17, 2011


T-Trades at the end of the day - perhaps this is a good one to monitor to see what exactly happens to a stock with T-Trades like this:
Time & Sales
Price Size Exch Time
$0.1500 587,100 OBB 16:27:42
$0.1280 9,950,000 OBB 16:20:56
$0.1450 5,100,000 OBB 16:01:29
$0.1800 5,000 OBB 16:01:27
$0.1800 5,000 OBB 16:01:27
$0.1730 600,000 OBB 16:00:56
$0.1748 610,000 OBB 16:00:23
$0.1760 309 OBB 16:00:22
$0.1760 10,000 OBB 15:59:59
$0.1760 1,789 OBB 15:59:57
$0.1749 10,000 OBB 15:59:55
$0.1750 10,000 OBB 15:59:49
$0.1750 10,000 OBB 15:59:49
$0.1750 14,400 OBB 15:59:49
$0.1750 3,000 OBB 15:59:40
$0.1745 5,000 OBB 15:59:38
$0.1750 360 OBB 15:59:38
$0.1750 20,000 OBB 15:59:34


=======================
T TRADES

Posted by: overachiever Date: Sunday, September 27, 2009 2:24:00 PM
In reply to: aliangel who wrote msg# 216962

One more time on this. If any of you want to learn what the after hours Form T trades are, then pay attention. I worked for many years as a broker/trader for Wall Street firms.

In the OTC, after hours Form T trades are almost without exception "late prints". They are the result of accumulated buys or sells handled on a "not held" basis through block desks. They have nothing to do with short selling in particular, but with buying and selling in general.

Let's say you are an insider, promoter, or finance guy and who has a large block of shares you want to liquidate (the most common reason for Form T trades, in my experience). You can tell your broker (who in the penny market is usually someone who specializes in this kind of work) that you want to sell "up to XXX million shares at the best price possible". He turns the order over to a market maker (it may be one from his own firm or it may be a market maker with whom his firm has an order flow agreement). In other cases, the seller may instruct his broker to "sell up to 10% of the day's volume at a positive average weighted price". The broker usually monitors the progress of the order throughout the day.

At the end of the day, the market maker handling the order will place a T-trade print on the tape for an accumulated total at the average price at which the shares were sold if there was still a balance left to sell. If the entire order had been completed during trading hours, the print will go on the tape normally.

All of this can work the same for buyers as well. If you want to take a large position of lets say, 5 million shares, you can instruct your broker to accumulate the stock "at the best price possible" on a not held basis or "under the average weighted price". At the end of the day, if the order was not competed during market hours, the final print will occur as a T trade at an average price.

Occasionally the trade may have been completed earlier in the day, but the customer was unsure if he might want to add to the order. In those cases, the book is left open until the end of the day and the trade is printed after hours.

In more rare occasions, the final print may have been forgotten to be entered and those trades are also entered as Form T trades.

You can pretty much tell whether the Form T trades are from large block buyers are sellers by looking at the price at which the trade was entered. If it is at the lower end of the day's price range, and the stock had been under pressure that day, it was probably from a seller. By the same token, if it was printed at the higher end of the range and the stock had been strong that day, it was likely to have been from a buyer. This rule is not absolute, however.


=================
Do you know what my experience is when I see and hear of T trades? insiders dumping, market makers shorting, PIPE dilution games.

==============================


"Cassius Clay Share Tuesday, December 21, 2010 8:12:50 PM
Re: vikingzskillz post# 22788 Post # of 22805
There is no after hours trading in pinks. Form Ts are the MMs balancing from trades during the trading day."



Posted by: basssque Date: Friday, January 23, 2009 4:04:32 PM
In reply to: Blue_Horseshoe who wrote msg# 7385 Post # of 7402

What is the sell at 4:02 for almost 600,000 shares?
---------------
Multiple choice question -
What is a T-Trade


A.
Posted by: jims406ss Date: Friday, January 23, 2009 4:06:33 PM
In reply to: basssque who wrote msg# 7389 Post # of 7402

accumulation by MMs to close the books could have been a buy from earlier in the day doesn't count after the bell still closed at .04 up 11%

B.
Posted by: Blue_Horseshoe Date: Friday, January 23, 2009 4:13:17 PM
In reply to: basssque who wrote msg# 7389 Post # of 7402

after hours print from an MM of trades made during the market.... someone happily bought that.

C.
Posted by: Manti Date: Friday, January 23, 2009 7:45:33 PM
In reply to: basssque who wrote msg# 7389 Post # of 7401

Technically, that wasn't a sell. It was a buy to cover.
Here it is:

t 0.0369 591811 OTO 16:02:16

After having watched these for several years, and researching it extensively, here is what I understand it to be:

When you see this show up, it is actually a trade covering a short position. Those who say it's mm's balancing their books are correct, but the way they off-handedly dismiss it as insignificant is disingenuous at best. What is being balanced is the short position taken during the trading day by the mm or someone for whom he is the agent. These most commonly occur when you have someone with a large quantity of shares selling into the retail trading float. The size and price of the t trade varies depending on how many shares they were able to short during the day, and at what price. Once the quantity and average price is known at the close of the trading day, the mm issues himself the t trade from the inventory he has been given by the selling party. The shares can be from a 504, private placement, formerly restricted shares, etc. It's a common P&D trick to sell shares from a pp or former restriction in this manner because they can say that the os hasn't changed, giving the false impression that there is no dilution. There was one of these t trades yesterday as well on aoag. IMO a big bright RED FLAG. good luck


(I vote for C)


================
xbigshot - also had a youtube up - and mentioned t-trades being done on SFSH:
This Youtube is somewhat interesting about the movement of SFSH over the last month (when the youtube was done) and the causes of some of the drops. Lots of T-Trades are discussed as well. Of interest -it mentions something about how financiers short their own shares. And mentions how the CEO had told xbigshot when the financiers were done selling. Also there was a 35 million share trade one day that indicated the sellers were out. and there were no T-Trades after that. (Feb 9th)

Also it mentions that the CEO told him there was a $200 million dollar financing done - and the reason for that amount had to do with keeping the amount financed under 10% of the outstanding shares - otherwise if it were more it would make them an affiliate and they couldn't sell.


====================