Geoff: Thanks for the observations
According to the chart, volume on LDEAO Friday was 12. After the second trade at 13, the next trade was at 12, doubtless in response to a low bid that you had refused in advance (so that your 12 3/4 was passed by someone on the floor who took a loss if he had bought at 12 1/4 or more). Thereafter, the sales price dropped to 11 3/4, 11/58, 12, 12, and final sale was 11 3/4. There is no reason to believe that your offer was intentionally neglected but let us say that it did not attract the attention of teeming masses, for this is a relatively idle corner (or maybe a blackboard), few transactions -- the guys have no time to waste in idle pits on expiration day (that's why the spread is so high). Take a busy pit like DLQKM, vol 4208 and a spread of a teeny, and you have action (and no need to haggle over price). |
