A common trick played by specialists. Sorry that you got burned. Learn to take advantage of it next time....
From experience, I can tell you that if there are enough big buy orders down there they won't even attempt running the stops. That's the only thing I know of that will prevent it.
true - and now in retrospect i'm sure nasdaq and nyse regret not going after the ETF business as efts nowadays easily must trade 500 million shares a day. without the etfs amex would probably would be nothing volume wise.
"From experience, I can tell you that if there are enough big buy orders down there they won't even attempt running the stops. That's the only thing I know of that will prevent it." my buy orders hardly qualify as "big". i also think that IN GENERAL, people put way too much importance on their orders/size such that they believe whomever is running their stops. cmon but again - my point is that no matter which way the specialists run a stock it provides good entry (or exit) opp's if you can see what they are doing. spec's know how retail traders think, and where they are likely to feel pain, etc. don't trade like retail.
Wait till you guys read my book. I'll have a whole chapter on the AMEX. But the publisher told me I had to read one before I could write one. Damn, this suckers long and hard. (that's called a setup. Have at it.)