Check out DNDN! Ran $3 from open, I only managed $2 and has now collapsed back to entry. One small win for a couple of cents on AAPL as came back to entry on breakout, Grrrr! A hard stock to trade sometimes.
I had it on my screen, but totally missed it! Really great trade.
I did CIEN, BIG, CLF, LNY, WLP, PSS, NVT.
MHK was an abc setup, had a little low volume, but it was higher than average. And I forgot to put an alert on it, since I was managing the trades I was in. So I just missed out on it! 103 was the long, traded up to 106 and the book got sweeped up to 108.
B-E-A-utiful.
-Dave
For the newbies: a Sweep is a new feature that comes with the NYSE hybrid market. Traders can pay up on what's in the book. In the example of MHK, it traded up to 106 and someone sweeped the book up to 108, that means, that all offers up to 108 are being taken, without the price actually trading up there. It just prints! And continues trading where it did before the print.
These sweeps can trigger LRP's. A liquidity Replenishment Point, these points are predefined for each stock depending on their price. MHK has a 50 cent LRP. That means that when this stock trades up or down 50 cents in less than 30 seconds, the stock will trade "slow". The specialist will be matching orders manually again. Untill he hits the "FAST" button again or automatically after 30 seconds. This usually happens after a sweep like this. This is why sometimes you see NYSE quotes that are stuck. They're not stuck, it's just the specialist that's looking for natural buyers or sellers. And when the stock goes back into "FAST" mode the stock is HYBRID again!
Combo.
