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Strategies & Market Trends : CXI-Commodore Environmental
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To: Charger who wrote (522)4/8/1998 6:40:00 PM
From: Andrew Furst  Read Replies (1) of 1755
 
Charger, good question; I've noticed those "spreads" quoted on AMEX and NYSE stocks after hours are always "bogus". I don't even know why those exchanges bother to post any bid/asked numbers when trading is closed. I checked CXI a couple of times during trading today, and the spread was never more than 1/8 (such as $3 13/16 by $3 15/16). Often the spread has been as low as 1/16th - though the # of shares available at the quoted prices is somewhat limited. AMEX is an auction market - I prefer the way it functions to the "market maker" system of the Nasdaq. Rest assured that those wide "after hours spreads" will disappear when actual trading resumes tomorrow. Perhaps those numbers are where the "specialist" would trade, in a pinch. But there are generally individuals willing to step in and improve on that. I think even the specialist would give better prices than those shown at the end of the day. Watch the spreads during trading - that is what counts. Also, see if you can get a figure for the actual size of the bids and offers - that information can be helpful, and is available through many brokers.

As far as today's action, I found it a bit disappointing given the buying late yesterday. Very light volume in CXI and extremely light in COES. While COES appears to be up 6% today, the "bid" actually closed lower by 1 cent vs. yesterday. I guess both the CXI bulls and bears found little reason to alter their positions today. Could be a lull in trading until later this month.
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