Just before the push lower on NMX after we made highs at 152. There was a HUGE HUGE HUGE cross at 120. A few million at least. And right after that, the move lower started. -Dave.
I had posted this earlier. The only way to have gotten a good price was a market buy at the open. Good chance you would have gotten filled under 125. However, this strategy does not always work out. There have been times when IPOS are very popular and are priced so high that they go much lower throughout the day. It does appear that many traders followed my approach to this as is evident in the chart. It traded up to 150. So there were a few who flipped it for a nice 20-25% gain. However, there were guys on the other side of the trade. Those who bought at 145-150 and are now staring at a loss.
Chased 1K at 122 and took a whopping 2.5 quick points. Guys in the office chased 130 with some size and took the top. Some very very big days out there. Made some people years. In hindsight, haven't been more pissed at myself EVER. That was a lay up of epic proportions.
You had to get in within the first two minutes or it would have become too expensive. A market order right at the open might have gotten some. I do show that most of the orders were filled at 120 but there were a few that got filled at 125 in the first minute.
I'd be careful with this one...even CNBC hyping it up, I would not be surprised if this went under $100 before moving to new highs.
You know, its amazing how we always hear about who made money big time in these crazy ipo's. Does one person have the courage to post their loss on nmx?? Because it was just as easy to lose. I'll jump start it and maybe others will kick in. I stayed out during the crazy open and then started trading it on the small afternoon run up. Got in at 139 and sold at 140. Then chased it to 145 and sold at 143.50 in 10 seconds!! Gave it all right back and some more and never looked back... If it wasn't for ICE, it would have been a really nasty day for me. Oh, and buy this stock with a market order only if you want to donate your account away.
Buying on market is nuts... Regardsless of what stock it is. I can only imagine how many people go screwed because Cramer recommended buying on a market order. I saw the stock when it opened, After I saw it open more than double the original estimate, I decided to wait. At a 120 a share, it was not worth the risk, at least to me.
opened at 120 spiked as high as 152.50 closed around 132.50 tough sledding..... priced the IPO at $59 guess who? made out like bandito(s)?