Hello everyone. Can someone explain to me, how SSL could open at 2.79? Premarket was around 3.75, now again at this level. After open print 2.79 next price was 3.81 on island.., next NYSE print at 3.35. Volume at open was 34458. I don't really understand the auction at NYSE yet. IBKR doesn't let me enter orders close to the open... This seems like a very decent free money trade.... Am i missing something? Any advice is appreciated. ________________________ Edit: from investopedia: While the NYSE’s official market opening time is 9:30 a.m. EST, orders to buy and sell securities can be entered as early as 7:30 a.m. In particular, the two types of orders that are accepted before the market officially opens are Market on Open (MOO) and Limit on Open (LOO). MOO orders seek to purchase shares at the current market price at the time the market opens. LOO orders seek to purchase a specific number of shares at a specific price when the market opens. If the requested price is not met, the trade does not take place. The first data stream of the new trading day includes a reference price for each security. This price generally matches the previous night’s closing price. The data stream also includes data regarding the current imbalance between buy and sell orders and prices. By publishing this data, NYSE gives traders the opportunity to adjust their trades in order to match up buy and sell orders. Data is published every five minutes until 9:00 a.m. From 9:00 a.m. until 9:20 a.m., it is published at one-minute intervals. For the final ten minutes prior to the market open, the data is published every 15 seconds. Beginning at 9:28, the likely opening price for each security is added to the published date stream. Orders placed between 9:28 a.m. and 9:35 a.m. cannot be canceled.
Simple, someone clueless entered a big sell order to be executed at auction. If most of the volume was that sell order(s), that will push the price down if there's no-one to take the other side. The opening turnover is just $96k, very low.
But why did no one pick up on it... as NBBO on the ECN was >30% higher... is there any kind of mistrade possible with such a print or will it stand?
Not far enough for it to be a mistrade in my opinion. You're welcome to take the other side if you think the opening is an opportunity, it happens from time to time. I've also picked off a few of these massive gaps (by accident). Since we are experiencing a lot more volatility, it happens much more - it happened on SPY a few weeks back.
Today another very strange opening. This time in RCUS.... Way below pre market price. I was watching it, and indicative open was way higher than opening print. Has someone access to historcial indicative auction prices... or anyone any explanation for this opening print...