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Fidelity back to $12.90. Someone must have hit the wrong keys!!
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I GUESS someone put a market order in and the only shares available were at $7.xx - low volume - someone got screwed

hixey
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oops, just woke up, but you get the idea, someone put a SELL in (at market value) and the only buyers were down around $7 - low volume - That buyer is very, very happy . . .

hixey
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oops, just woke up, but you get the idea, someone put a SELL in (at market value) and the only buyers were down around $7 - low volume - That buyer is very, very happy . . .

I'm no expert, but could this have been nothing more than the exercise of a put option?

Regards,

Eldrehad

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Elrehad,

good one, and more likely. perhaps i should go back to bed.

cheers,

hixey
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It's good thinking Eldrehad but I don't think that there are any options traded on CNXS, and even if there were, they trade at specific intervals - I think for this stock it would be intervals of $2.50 or something but I'm not sure - so a number like $7.27 couldn't be an option.

Anyway, it's a bit confusing. I've often wondered what would happen if someone put in a market order and the only matching order was way beyond current market prices.

Strangely though, did you notice that the "day low" changed later on. All very intriguing...

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I've often wondered what would happen if someone put in a market order and the only matching order was way beyond current market prices.

It is my understanding that the order would execute. That's why the more illiquid the stock, the better off one is using a limit order. For the few HG's I've purchased (the smaller ones), I've always used a limit order, even if that limit order is at or very near the ask price. I'm not necessarily looking for a 'bargain', just making sure I pay what I think I'm going to pay. By contrast, when I bought Hasbro, I just went ahead and used a market order - small bid/ask spread and a lot of liquidity - I might pay a penny more or less if the ask price moves around on me, but a penny per share I'm more than willing to accept.

Regards,

Eldrehad

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I've often wondered what would happen if someone put in a market order and the only matching order was way beyond current market prices

I thought this could've been the case since when I looked that morning all the bid orders (there were only 3 at the time) were down at $7.2-$7.4 (don't remember exactly). Technical glitch? seems weird
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I heard once that this had happened before with a stock that a friend of mine was watching and the exchange (I'm not sure which one) stopped trading for a few hours while they investigated what had happened.
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