11am ASX

[black_bird2]

As a newbie, please forgive my ignorance, however I noticed a large drop around 11am, followed by a complete recovery. Can anyone explain what happened there and why? I saw it in Commsec and thought it might have been an IT glitch, but it is also on asx.com.au

 

[Synergy]

I also thought it may have been a glitch until i saw it in other sources. Still I'm unsure as to what it is. Perhaps it is a glitch...

 

[son of baglimit]

theres a full story on hotcopper - apparently someone stuffed up a trade and a whole heap of ORI went thru at 8.6c - not bad for a $31 stock. obviously the weight ORI has on the overall market is significant enough to send the market down that 50 odd points for a minute or so.

from what ive found, most of the trades were cancelled, and maybe some negotiated to prices between $24 & $27

i guess we await the real story behind what happened.

 

[prawn_86]

I wouldnt trust anything on HC.

My theory: the market has actually crashed, however there is a cover up while the funds sell out to us sucker investors before revealing everything is actually worthless

 

[son of baglimit]

yeah thats feasible too lol

find the trades on ORI - all at 11am on the dot.

 

[black_bird2]

I wouldnt trust anything on HC.

My theory: the market has actually crashed, however there is a cover up while the funds sell out to us sucker investors before revealing everything is actually worthless

Roger that Prawn, will sell up everything and start a self sufficient farm in Nth Qld for a few years until the whole system starts up again.

On a serious note - thx for the thoughts will check up ORI. Interesting times!

 

[chops_a_must]

Well, the daily low for ORI was before 11am by my reckoning. So, I don't believe it.

 

[son of baglimit]

oh sorry - 9am perth time lol - keep forgetting that.

why doesnt that ever happen to me !!!!!!!

 

[profithunter]

Someone had a major stuff up on ORI, they sold a massive amount of shares at market pushing the price down to 8.4c!!!

Someone picked up 700 000 at 8.4c and made $18 million in 15 minutes however I believe these trades have now been reversed.

Crazy stuff

 

[prawn_86]

My platform only shows a few $ down spike on ORI.

To sell it all the way down to $1 would mean the whole company would need to be sold a few times over.

It doesnt seem feasible to me

 

[GreatPig]

Also, isn't there a limit on how far a trade can be away from the current price?

GP