.... Naked Shorts?

The three villians who consistently "cap" ECU's stock on a daily basis are Anon, CIBC, and Jitney. Let's examine whether they appear to be profit-motivated traders, or short selleres who have been trying to break down the stock.

May is an important month to examine because of the massive downturn to a low of C$.64 against the backdrop of the bullion banks' metal takedown, plus the fact that the stock has recovered from the month's opening trade of C$.78 (5/4) to C$.82 (5/11).

Thus, any talented profit-motivated trader should have easily made money this month as the stock recovered sharply from the low of C$.64 on 5/4.

All three brokers show the following avg. net losses despte the stock's net price increase from C$.78-C$.82 in May (5/2-5/11):

Broker # Avg Sale Price Avg. Purch Price Net Loss X shares Purch

Anon 1 .696 .704 -$14,080

CIBC 79 .703 .729 -$28,449

Jitney 99 .711 .726 -$18,888

These are not profit-motivated traders positioned on Bay Street trading desks, unless they are lousy traders.

Clearly a bias to the sell side and probably with a "short" position.

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(Tables)

Broker Positions for C:ECU Broker #1 from 20110502 to 20110511

Date Bought $Val Ave Sold $Val Ave Net Position $Net $Position
20110502 227,500 173,075 0.761 102,500 76,205 0.743 125,000 125,000 -96,870 -96,870
20110503 506,000 346,440 0.685 585,500 397,465 0.679 -79,500 45,500 51,025 -45,845
20110504 386,000 254,150 0.658 350,000 234,590 0.67 36,000 81,500 -19,560 -65,405
20110505 231,000 154,990 0.671 300,500 203,540 0.677 -69,500 12,000 48,550 -16,855
20110506 53,000 37,450 0.707 137,000 97,265 0.71 -84,000 -72,000 59,815 42,960
20110509 226,500 169,570 0.749 197,000 147,555 0.749 29,500 -42,500 -22,015 20,945
20110510 130,000 104,240 0.802 68,000 54,960 0.808 62,000 19,500 -49,280 -28,335
TOTAL 1,760,000 1,239,915 0.704 1,740,500 1,211,580 0.696 19,500 -28,335

Broker Positions for C:ECU Broker #79 from 20110502 to 20110511

Date Bought $Val Ave Sold $Val Ave Net Position $Net $Position
20110502 179,920 137,067 0.762 195,000 146,270 0.75 -15,080 -15,080 9,203 9,203
20110503 184,345 124,183 0.674 798,800 530,390 0.664 -614,455 -629,535 406,207 415,410
20110504 129,700 86,849 0.67 138,000 90,875 0.659 -8,300 -637,835 4,026 419,436
20110505 70,300 47,151 0.671 82,200 55,309 0.673 -11,900 -649,735 8,158 427,594
20110506 146,950 103,986 0.708 71,000 50,345 0.709 75,950 -573,785 -53,641 373,953
20110509 175,731 131,026 0.746 109,800 82,971 0.756 65,931 -507,854 -48,055 325,898
20110510 207,255 167,458 0.808 228,500 184,605 0.808 -21,245 -529,099 17,147 343,045
TOTAL 1,094,201 797,720 0.729 1,623,300 1,140,765 0.703 -529,099 343,045

Broker Positions for C:ECU Broker #99 from 20110502 to 20110511

Date Bought $Val Ave Sold $Val Ave Net Position $Net $Position
20110502 309,500 235,350 0.76 386,000 290,380 0.752 -76,500 -76,500 55,030 55,030
20110503 229,000 156,305 0.683 516,500 354,765 0.687 -287,500 -364,000 198,460 253,490
20110504 131,500 87,300 0.664 154,500 102,050 0.661 -23,000 -387,000 14,750 268,240
20110505 148,500 100,455 0.676 148,000 98,765 0.667 500 -386,500 -1,690 266,550
20110506 117,500 82,715 0.704 48,500 34,410 0.709 69,000 -317,500 -48,305 218,245
20110509 148,200 111,658 0.753 85,200 63,415 0.744 63,000 -254,500 -48,243 170,002
20110510 175,000 140,506 0.803 76,500 62,130 0.812 98,500 -156,000 -78,376 91,626
TOTAL 1,259,200 914,289 0.726 1,415,200 1,005,915 0.711 -156,000 91,626