I have what I think is bad data on MER for 9/11/02 It is showing it opened @ 39.81 (the high of the day) and closed @ 36.42. However, IF these prices are accurate, could this be construed as a "reversal day" just wondering. . . . . (perhaps the specialist just running some 'short stops' ? ? ? )
I saw a lot of stox do that on Weds. I have the same daily data, but the shorter time frmes all have 37.95 open and .96 as the high. I'm using QCharts. Thx for point this out. QCharts will correct it for us. That's hard for me to say about the reversal. I interpret that by looking at the day before and seeing that the close was above the 20 SMA, with the day before that just closing above the 40 sma. So all those 20 watchers and the 40 watchers who didn't get in until the 20 was crossed, jumped in at the open and forced the spec to gap that baby. Notice too how the opening price nicely filled the downside gap 2 weeks ago. So all those shorts were squeezed too. Today's very narrow range took place entirely between the 20 and 40 sma's. I show a P/E of 137. Slightly overvalued don't you think? My bet would be it trades to 45 and then punks to a more reasonable P/E.
before the nyse opened, MER was something like 37.42 at 39.81 on ECN's. I happened to be watching it because I held it long overnight. 100 shares traded at that 39.81 before the offer started coming down.