Gary,
Yesterday without news suddenly NITE hit the bid and it started moving up ... (NITE for those that do not know is a brokers clearing house. NITE has a buyer when they are on the bid. They do not have personal accounts.)
A little additional interesting info on NITE (Knight Securities)
webfinance.net
"Knight Securities has joined the line-up of firms that are rushing to
offer after-hours trading. Knight, the largest market maker in
Nasdaq stocks, is planning to offer the service later this year.
To offer the service, Knight, which is one-third owned by 23
brokerage firms including Ameritrade, Waterhouse and E*Trade,
plans to send limit orders it receives after hours to electronic
communication networks (ECNs) including Brut. Knight/Trimark,
the parent of Knight Securities, is a part owner of Brut..."
And then this:
knight-sec.com
Top AutEx Ranking
"Knight captured the #1 market maker spot in NASDAQ and other
OTC issues in February 1998 as measured by the AutEx Advertised
Trade Volume, and continues to hold that leadership position
today..."
Industry "Firsts
"Guaranteed Opening Prices for All Pre-Opening Orders:
We guarantee the opening price for orders aggregating up to
250,000 shares in all issues in which we make a market. These
orders must be received no later then five minutes before the
opening. Knight will guarantee execution on all orders received up to 9.25am at the opening NBBO..."
Helps to explain the out-of-sequence-trades and perhaps why we might see {what we consider to be} an MM "holding down" a stock especially in a fast moving issue when, in reality, it's just simple execution at the guarantee.
Theo;-) |
