I mean, yeah, the open is always more volatile, but this shit ain't right!
The stock opened at $44.86 on a 1500 share print. Next trade? 100 shares, over a point higher up at $45.95. So, yes, you're reading that correctly. A big buyer moved in with 100 shares and moved the stock over a point.
In the next 10 minutes, the stock traded a little over 6000 shares and dropped 3 points. Most of these trades were for 100 shares each. In other words, the stock freefalled on no trade volume.
Further, after the stock bottomed out at $42.85, it took only 1000 shares to jolt it back up to $44.48. In fact, that analysis is generous. It took 900 shares to move the stock from $42.85 to $43.55 (absurd in itself) and then 100 shares to move the stock from $43.55 to $44.48 (completely freaky).
So another full point on a 100 share trade.
Gaps in liquidity anyone?
Please, visit Ray's blog and let your voice be heard. If you're an old NYSE trader his site may be the only good outlet for you to voice criticism about the Hybrid and have any hope it's being heard.