I had an interesting ANCR trade today which I thought I would share...
I have been long ANCR since May 96 and currently hold what I consider to be a handsome number of shares. I normally do not day trade but Thursday, on a lark, I purchased 1500 shares at 7 9/32 with the intent to quickly sell for a small profit.
Late today, as the price rallied, I entered a sell limit for the 1500 shrs at 8.125. As I closely watched each tick, the bid never went above 8 1/16. The ask never went above 8.125. The price then retreated so I figured I did not get filled.
Much to my surprise, my order was executed. At 15:26:21 1000 shrs executed, then at the identical time stamp, the remaining 500 shrs filled.
I thought I understood how the bid/ask system works. Obviously I don't since, as I understand it, my order never should have executed. I do not know if anyone else finds my little tale of interest, but I am fascinated. Can anyone offer an explanation?
Right now I am happy to have gotten 8.125 for those 1500 shares. Hopefully, one day soon, I will regret having parted with those shares at that price.
... a good weekend to all! |
