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Hi Yuki,
I am not sure about NEC and Japanesse market. From what I have seen here,
there
could be a huge volume of options being exercised (cud be due to maturity or
otherwise) or share swapping (sometimes they just do not want to do it at
off market for tax or regulation reasons) or brokerage error (but unlikely
in this case). It can signal a shareholding structure change if this 50mil
share is significant enough for NEC. It is hard to know if the price will go
up or down or even sideway as it is solely depends on the underlying
structure of this change (whether it is inheritary, by rival, by new
investor, etc). Using a breakout strategy and very tight stop might work for
this.
just my 2 cents
KK
----- Original Message -----
From: "Yuki Taga" <yukitaga@xxxxxxxxxxxxx>
To: <amibroker@xxxxxxxxxxxxxxx>
Sent: Tuesday, December 09, 2003 12:47 PM
Subject: [amibroker] huge volume, but no movement - what gives?
> 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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>
>
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