I have been watching a number of small NASDAQ stocks for a few weeks and noticed something unusual on Friday (June 25th) - at precisely 4pm there were huge trades made, many times the normal minute-by-minute volume, and prices are completely out of line with the norm for the day. For example PMTR traded at around $2.00 all day and then at 4pm one trade was done at $6.50; you can see the intraday data at:
http://host.wallstreetcity.com/wsc2...ate=06/25/04&Type=5&EndDate=06/25/04&Format=0
The same pattern was seen for PROX, ALTR and others. There were no similar huge volume spikes on any of the previous five or six Fridays, so I know it's not just Friday afternoon madness. Any thoughts? Are these unusual volumes caused by investors dumping shares prior to the weekend? Why this weekend - the Fed meeting on Monday? The Iraq handover? Are the silly prices the results of mistakes (someone offering to buy 100 at $6.50 instead of $2.00), or some creative accounting wheeze operated by MMs...?
Also slightly concerned that a spurious trade with a silly price might trigger a stop order - is that something people have seen or had happen?
Cheers,
aspenbet
http://host.wallstreetcity.com/wsc2...ate=06/25/04&Type=5&EndDate=06/25/04&Format=0
The same pattern was seen for PROX, ALTR and others. There were no similar huge volume spikes on any of the previous five or six Fridays, so I know it's not just Friday afternoon madness. Any thoughts? Are these unusual volumes caused by investors dumping shares prior to the weekend? Why this weekend - the Fed meeting on Monday? The Iraq handover? Are the silly prices the results of mistakes (someone offering to buy 100 at $6.50 instead of $2.00), or some creative accounting wheeze operated by MMs...?
Also slightly concerned that a spurious trade with a silly price might trigger a stop order - is that something people have seen or had happen?
Cheers,
aspenbet