You are correct jockm... Another method to try CDN short coverer or even a wanna be buyer is to try and shake out the "weak hands". A method is to load the offer with multi orders where you can hide the size of what you have to sell but have multi orders with shorters at various houses joining in, on the bid side they can even do iceberg bids hiding what they want to buy, say where you may have an order say to buy 5,000 or sell 5,000 but you don't want the street to see exactly how much your order(s) actually are for. Pyschological games and believe me the shorts work in groups and usually bring along their friends to work a plan and orchestrate strength or in this case weakness if they wish to cover.
Usually the iceberg bid gets the common person loking and saying "wow look at all the bids or offers they're not very strong" if you want to push the stock price down, go heavy on offer and iceberg bid so impression is that price can break down in such a relatively thn trading stock. Makes the uneasy think the stock is breaking down I better get out now as I don't want to get caught. Anyone who owns XXII as well as ANY has these thoughts me included but I understand the game being played.
This shaking out process is presently ongoing here and we've seen initial buy ins today starting at $8.51 per share, peaking at $8.63 and now trading down at $8.30 or $8.35.
It is easy to pysch out many shareholders by stacking offers all the way up, people see it, their broker says this is getting heavy and encourages the benefits of piece of mind, blabla, for him more likely, and people capitulate sell and allow these shorts off the hook.
volume today in CDA is 117,000 so far while volume the last 2 days in total each were 139,101 and 139,325. People holding ANY may also hold XXII and are already spooked so shorts are shaking out shares very stragically. Atleast being able to find shs to buy if they're worried about contracts, pending news etc. .
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