Example: you never, not ever, would have had that ridiculous open on ENMD at the open. The issue is that an orderly market was 'attemped' to be made by various firms, with various orders, with varying motives and ability to adjust the market open.
The market would have been more fair if the NASDAQ had a specialist system where one person sits down, adds up all the buy market orders and uniformly finds the equilibrium with the sellers, indications being given as to what the open would look like, taking it nice and slow to ensure a fair and equitable open.
Thank god we were able to convince every single client who wanted that ENMD from buying it at the open. I literally had to make a few last minute phone calls to clients to tell them that the market order they place, which they thought might go off at 15, 16, about 2 o3 three bucks from prior close, would go off at 84, 85ish if they didnt want to cancel the order. Luckily, all cancelled their orders.
In all my years, I have never seen any NYSE stock act the way the ENMD did except for a few fraud deals to the downside...closed at 18, opens at 2. But even those dont open at 2 and then close 12.
Regards,
Steve |
