Greg:
I'm asking the same naive question. But, yes, if an issue is in the news, and someone is afraid that the trading may go the wrong way at the open, some will try to buffer -- to fake out the naive -- by placing a limit order that won't execute, that they withdraw just before the open.
Those with experience and/or level II quotes can see what is actually happening, and just ignore (or laugh at) the individual with the rogue limit.
The trouble is, the stock hasn't been in the news, and it's not exactly liquid. It could just have been someone making a dumb mistake. However.... the bid was also way down, and the stock was "crossed" (ask shown at Schwab was below bid). Just struck me as way, way out of the ordinary.
We saw several artificial craters like this about a year ago when Biotechnology Value Fund was taking their 5% plus stakes in a number of companies. But this morning's action with BTRN was chump change, and I haven't a clue.
So, now you get to be sarcastic.
- g -
Just a FYI..... I am a full-time trader, but I rarely day trade. I have your two young children, but not your day job.
Rick |
