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>From time to time I see this, not so often, but quite a few times
over the years I've been doing this.
A stock like NEC . . . does, oh, 7,000,000 shares a day. You know
the type. Only 3 or 4 million when the market isn't going anywhere,
then 10 million plus with even bigger spikes when it is. But it's
your basic deeply liquid institutional type stock.
But today, we have a huge volume spike in NEC. It's going to do
about 50 million today, probably close to 60 million. And it's
unchanged from yesterday. Unchanged, mind you.
Now here is my question, for those who may know the inner workings
better than I do: How does a stock that usually has bids and offers
of 10 to 50 thousand shares up and down the line suddenly have bids
and offers of several hundred thousand shares way up and down the
line.
I could understand sudden large bids . . . or sudden large offers.
But how the heck do both suddenly appear, at about 10 times the
normal size, on both sides of price, and as high and as low as I can
see? (Other issues in the same sector are showing no unusual volume,
nor is the overall market.)
I ask because it would seem to make perfect sense for either side to
pull in their horns a bit. If the bidder eased off, a lot of stock
would suddenly be available at perhaps significantly lower prices. If
the seller eased off, presumably they could unload a lot of shares at
a higher price. Instead, some kind of cooperative effort seems to be
going on behind the scenes, one that I would think isn't even legal,
particularly in an all-electronic market.
I'm sure others have noticed this kind of thing from time to time.
Anyone know what is cooking when this happens?
Yuki
P.S. If you want a LOT of NEC right now -- I mean you can stuff your
Christmas stockings, and maybe the stockings of everyone in your city
or country -- you can pick it up in Tokyo right now, and you will
hardly ripple the pond.
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