Today I was trading Harmon (HAR) and half of its volume was done on the NAS, and it was done in 3 blocks...2 of them were big blocks (46k and 185k) . To all the tape readers out there...how do you interpret action like this. All of them were done on what would have been plus ticks on the NYSE. I'm trying to figure out what significance to put on this action...besides just the pure size of the blocks. Any thoughts?
Seth, I don't know but on my quotes there was no print on the nyse but yet a big jump in the volume on my backup charting software. When I checked the transaction log it showed the trades were done on the Nasdaq. This also happened back a couple of weeks ago when I was trading HAR. Since I don't use level2 quotes I have no idea which MM did the blocks but they were real big for HAR.
Seth, As a matter of fact all 7 of the biggest trades today in HAR were done on the NAS and all on what would have been upticks.
THis is most likely trades done on arca, brut, inca... Trades taking place off of the NYSE on an NYSE listed issue does not imply dual listing. If you use e-sig, for example, you can type in "symbol=letter representing said exchange" and then look at the volume on that issue. So in this case, if you wanted to see where it printed you can first type in HAR=N to see what the volume was on the nyse, then try the other codes for the ecn's and regionals. Not sure offhand what the others are for e-sig, as it's not my main system.
I have no way of knowing but I'd tend to think that it was more like a Goldman or Morgan doing a 185k share block. I don't really care who did it just as to why is that size done off the nyse. I mean to see almost most half of a nyse issues vol done on the NAS and it coming in mainly 1 block is just not the norm.
it must be a negotiated sale between institutions. it is probably cheaper to trade on NASD than on Nyse. Happens all the time. 10% of NYSE listed stock trading volumes is traded on NASD. Oliver
185,800 crossed at 76.11 on the Midwest, the signifigance is not where it traded but rather that it was at close to the high of the day and the stock reversed and closed down on the day. The stock has been steady and strong for the past few days indicating a size buyer was accumlating shares, buying what was available in the open market until reaching a price where there was a ready and willing seller to complete the buuyers requirements, 2 things are important here. First the buyer is now gone so the upside pressure iis off of the stock and the second thing is that it is possible the specialist participated in the block short at 76.11 so the specialist's bias may be to see the stock pullback as he covers his short on weakness. The other significant thing about Har is they came out with news after the bell yesterday that there will be an s&p index swap, some inexperienced traders may interpret the news as a postive that funds will have to buy the stock when in reality it is a zero sum trade, the funds have to sell from one index and buy in another. The inexperienced may buy on the open misintrepeting the news only to see the stock once again turn down on the day. In the interest of full disclosure I am short the stock as of yesterday This is my take on it, hope it helps and more importantly, I hope I am right.