Greetings everyone,
I've been trading for a few months and in an attempt to expand my toolbox I've been watching level 2 quotes. I am sure everyone heard about DNDN dropping 50% in a few seconds. A similar thing happened to CELG today (not to the extent, of course.) If you look at the chart and the corresponding L2 quotes you will notice a sudden and unexplained drop of almost $.5 in 2 seconds. I've been watching the stock for a number of days and it has been trading very steadily. The prices are outside the bid/ask spread. I realize that more than 100,000 shares changes hands in a few seconds, but would like to know the mechanism. No news or related events took place.
Response from anyone with the knowledge would be greatly appreciated.
Thank you
I've been trading for a few months and in an attempt to expand my toolbox I've been watching level 2 quotes. I am sure everyone heard about DNDN dropping 50% in a few seconds. A similar thing happened to CELG today (not to the extent, of course.) If you look at the chart and the corresponding L2 quotes you will notice a sudden and unexplained drop of almost $.5 in 2 seconds. I've been watching the stock for a number of days and it has been trading very steadily. The prices are outside the bid/ask spread. I realize that more than 100,000 shares changes hands in a few seconds, but would like to know the mechanism. No news or related events took place.
Response from anyone with the knowledge would be greatly appreciated.
Thank you