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I meant the bid/offer book doesn't look very good. It doesn't matter if the company is small, if there are more bids than offers it means there is good demand out there and the stock probably set to rise. We see the opposite for TGC.
(Like the bids) I suspect not all the offers are 100% serious. The DBourse lets people fool around with bids and offers of all sorts, so I don't think it's a very good measure. I still predict stability.
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Notice I started with: "It appears to me..."
Ah, my bad. Ok, it appears to *me* that nobody knows much of anything about the last sale, or about many of the sales!
The shares selling out in a few weeks time would indicate strong demand, but at the same time we don't see any bids in the book, which points to very weak demand. So I smell that something is not right here.
But the mystery-purchaser did put in a bid for 35 shares. It just got filled, so everyone's happy now.
... It is not dificult for the TGC people to set up their own account at dbourse and transfer the unsold TGC shares into it (without paying for them). That removes the 100+ block of shares on the offer side and allows the stock price to go up.
Yeah, but it also removes ten kilos of e-gold from the pot! I can't see how this would be in their interest. In private email to me they predicted it would take even longer than this to clear, so I don't think they were in a hurry.
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It didn't happen because the 150 shares hanging over the market are gone now.
And prices are still stable. Discounting the humorous bids and asks I think all trades have been within a range of 11 grams or so (and the 90 gram shares were an anomaly -- if we disregard those the price has been INCREDIBLY stable). ...
A "healthy" order book will show more bids than offers. That's why I say the stock is very poorly bid.
I think it's poorly-bid but widely-watched.
The argument that people don't want to tie up e-gold doesn't quite convince me. If you are interested to buy TGC shares it is with gold you are not going to need tomorrow. And if you don't trust TGC for keeping your e-gold tied up, then you'll also not bother to buy their shares.. I also suppose you can get your e-gold back when you withdraw your bid?
You can, but there's as yet no automated interface, so while your arguments make sense, it *does* tie up you gold until DBourse gets your request to spend, and some people just don't like that.
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Yes, but more than 100 shares sold quickly in blocks of 10 and more would indicate that there are people out there interested to buy TGC at 100. Have they suddenly lost interest now the ipo shares are gone?
I don't know, but no more shares were available for 100 when I last looked.
Normally you would now see bids for at least 20 or 30 shares @100 or @99, that would be congruent with the pace of sales shown for the last weeks. Instead we see one meagre bid for 1 share @85
But that was only a few people, who all already got shares. I don't think this makes sense, because the pace of sales has been so erratic as to be meaningless. I find meaning in the stability of share prices that is so atypical of a "normal" IPO.
Sudden demand has picked up all the ipo shares, and now the demand has disappeared. That points to TGC removing the ipo shares from the offer screen
I'm not so sure...
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That's not the point. Putting in low priced orders @97 has worked. Why does nobody continu a profitable strategy?
Because now they own a share and don't want another?
Anybody who has 100 gr of e-gold to invest can put in a low bid @97 , and when he gets filled put it on the offer block @100 for a quick 3% gain. If it sells he can repeat the strategy. That's the kind of activity you see in any active stock.
Well, they're not widely known so they're not that active.
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You need not wait for an offer if you want to buy shares. Let more bids come in and perhaps you will be surprised how quickly they get filled.
I think if they automate funding/de-funding this will happen. ...
The stock trading itself on the NYSE is quite heavily regulated.
Hasn't helped, but my point was the NYSE holds itself out to be both a market and a regulator, which is dangerous IMO.
But some people point to the scandals that happen once in a while and are apparently asking for even more regulation.
I'm not sure if anyone around here wants THAT! I point out scandals because they seem to be happening more often than "once in a while." That's why I've been able to point-out so many of them, and why I have to learn new vocabulary words about types of financial crime, etc.
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Very hard? How difficult is it for them to enter trades in the database that have never happened? It's very easy. As they are a completely untransparent company there is no way to see if the shares were really sold or not.
Oh, I see your point, I'm just not so sure they'd want to waste time that way.
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At least there are some faces behind the NYSE, and yes they can land behind bars if the they abuse their own rules.
I agree about the faces, I disagree about their propensity to get more than a slap to the wrist if there is crime, or if they break their own rules.
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Also remember that the NYSE people are not responsible for the corporate scandals you see in the news.
Right, different scandals! NYSE's scandal involved their market making middlemen in their own, special scam. Big firms and mutual funds had their own, different scams.
And do you think that the dishonest managements of companies that trade at the NYSE today would suddenly turn into honest nice guys when their stocks trade on dbourse ?
Oh, no! Not at all. The NYSE middleman/crook lobby would be hurt, but I wouldn't care.
These scandals have nothing to do with the exchange where the stocks are being traded.
I have outlined a scandal that involved the heart of the NYSE. Google (if not the list archive) will reveal it's not my imagination.
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I don't think the dbourse system has automatic order matching like ECN.
It was just filling in an order. Recall JP's 40 shares transaction happened during 2 seconds? It looked the same way, just page down and it's probably still there in the history.
If there is an offer of 3 shares @98 and another offer of 120 shares @100, then you can pick up the 3 shares and order 32 more @100 , but it means you have to fill(and pay) two orders and some time passes between them.
No, if you've got the grams and the offer is out there and you make a bid, things tend to happen instantly on DBourse, trust me...
What you describe is how it happens on ECN and other electronic trading platforms. But dbourse is not that sofisticated, has no timestamps with the bids or offers, so basically you choose which offer you want to pick up..
No, it assumes you want to pay the least you can IIRC.
Two orders filled at the same second points to manual intervention to me.
I disagree (and I still think it's only one order!). JMR
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