333% increase in 52 weeks. ITP.TO

[Lickyluciano]

Anyone have ideas what possible causes this?

 

[Martinghoul]

Looks like it was a nice proper short squeeze, then it hit someone's target (coincidentally, looks like C$9, like the analyst said) and people started selling. Someone also shorted quite a lot of this at around C$8, so clearly there's a bit of a round numbers thing happening here.

 

[Lickyluciano]

Looks like it was a nice proper short squeeze, then it hit someone's target (coincidentally, looks like C$9, like the analyst said) and people started selling. Someone also shorted quite a lot of this at around C$8, so clearly there's a bit of a round numbers thing happening here.

Sorry, I'm not getting you. Isn't a short squeeze when a stock is going up and the shorts are forced ti cover thus pushing the price higher?

 

[Martinghoul]

Sorry, I'm not getting you. Isn't a short squeeze when a stock is going up and the shorts are forced ti cover thus pushing the price higher?

Yeah, precisely.

 

[Lickyluciano]

Looks like it was a nice proper short squeeze, then it hit someone's target (coincidentally, looks like C$9, like the analyst said) and people started selling. Someone also shorted quite a lot of this at around C$8, so clearly there's a bit of a round numbers thing happening here.

Yeah, precisely.

A short squeeze drives the stock higher not lower. The stock is down not up.

 

[wackypete2]

Anyone have ideas what possible causes this?

I gave you the answer here. You're not paying attention.
http://www.trade2win.com/boards/stocks/150192-333-increase-52-weeks-itp.html#post1856112

IMO, you are in over your head. Best to close out with a profit.

Peter

 

[Lickyluciano]

I gave you the answer here. You're not paying attention.
http://www.trade2win.com/boards/stocks/150192-333-increase-52-weeks-itp.html#post1856112

IMO, you are in over your head. Best to close out with a profit.

Peter

Peter; I appreciate your input. I am trying to understand the behind the seems physiology of such price action. I understand the sell order was larger than the volume. I'm wondering why? Or if there is more to this? Is it the likes of market makers taking out stops? Is it stock manipulation? Is it just some big investor who got in at $1:00 and wants out fast and does not care if he loses a dollar or two.
Etc. Ther were approximately 300,000 shares sold in the first 10 minutes.

I likely will just get out at a profit but I'd like to learn more on what causes these sell offs and this price action. Trading is an ongoing learning process for everyone.

 

[Martinghoul]

A short squeeze drives the stock higher not lower. The stock is down not up.

When I say short squeeze, I am not referring to the latest leg down, but rather to what preceded it.

 

[Lickyluciano]

When I say short squeeze, I am not referring to the latest leg down, but rather to what preceded it.

I know you meant that but how does that explain the sell off the last 2 days.

 

[Martinghoul]

I know you meant that but how does that explain the sell off the last 2 days.

It doesn't... The fact that it traded all the way to someone's target (maybe someone was listening to that analyst after all) might.

 

[Lickyluciano]

It doesn't... The fact that it traded all the way to someone's target (maybe someone was listening to that analyst after all) might.

You mean the article from Forbes who said its in oversold territory? What analyst?

 

[Martinghoul]

You mean the article from Forbes who said its in oversold territory? What analyst?

Your post #10 in this thread...

 

[Trader333]

Peter; I appreciate your input. I am trying to understand the behind the seems physiology of such price action

I suggest you don't and act on what you can see.

 

[Lickyluciano]

I suggest you don't and act on what you can see.

Thanks. And I totally agree.

Still like to learn as I go along.

What does it mean when I hear some say "market makers taking out the stops?" or "someone raided the stock?" could this be such a case?

The volume hasn't been that light to have such a spike down. On Friday there were 350'000 shares dumped in the first 10 minutes. Average daily volume is 700,000 shares nowadays.