Friday, March 16, 2007

Freaky Hybrid Trade of the Day



Today's "honor" goes to AXR. Yes, it's a thin stock but nonetheless, what happened between 10:23 and 10:31 was freaky. Let's discuss:

In this 8 minutes, the stock traded only 2900 shares on the NYSE but managed to rip almost 2 points. As is usual with the hybrid, there were no bids to indicate strength nor volume... there were just 100 share prints lifting offers and taking the stock up.

Favorite highlight: At 10:30:16, the stock traded 100 shares at 86.72. One second later, the stock trades 100 shares 48 cents higher at 87.20. 100 shares shouldn't move any stock 48 cents in 1 second if you want your market to make any kind of logical sense. But that's just my opinion.

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