pea brain needs help

B

bronks

I'm having a problem digesting this:

Rec. Time Action Price Volume Exch.
2:13:44 PM Trade (at Bid) 0.25 173300 Nasdaq SC <--------------
1:57:51 PM Bid 0.25 1100 Nasdaq SC
1:57:49 PM Trade (at Bid) 0.25 100 Nasdaq SC
1:03:57 PM Bid 0.25 1200 Nasdaq SC
1:03:52 PM Bid 0.25 100 Nasdaq SC
12:57:42 PM Bid 0.24 4000 Nasdaq SC
12:41:15 PM Bid 0.24 3000 Nasdaq SC
12:04:19 PM Trade 0.25 173300 Nasdaq SC <----------------
10:26:16 AM Trade (at Bid) 0.24 1000 Nasdaq SC
10:22:56 AM Trade (at Bid) 0.24 2500 Nasdaq SC
10:22:29 AM Trade (at Bid) 0.24 1000 Nasdaq SC

This is a small-cap stock that has been averaging 10K shares per day. This caused no appreciable price movement. Bad print? Twice? DeeMan or anyone, comments appreciated.
:confused:
 
I'll try this one more time then screw it.

I just don't understand how a single block of that size can go through and not affect the price, or the bid/ask, when I see it move immediately on 100- 200 shares.
 
Hmmm, I think you might be right. But how to find out? And is there anyway to deduce whether this was a buy or sell since it was right in the middle of the range?? Thanks Bung :)
 
If you want to buy or sell a large block of an OTC stock that only trades 10,000 shares per day you won't just put it out on an ECN. Hitting bids or taking offers would be suicide. The trader would call one of the Market Makers (there will only be a few for such an illiquid stock) and the Market Maker would look for a natural (an institution who would be interested in taking the other side of the trade). If he finds one, the price is negotiated, and the print goes up. As a general rule, the larger the print (relative to the price and liquidity of the stock), the greater the chance that the print will be at a discount to the current market.

Darren
 
In answer to your other question - Some firms will advertise volume that they have traded in a particular Nasdaq stock. Most buy side institutional firms use a service (like Bridge, Autex, etc.) to find out who the "ax" is that particular day by seeing who has advertised the most volume. You will not be able to find out who bought/sold, but at least you could contact the Market Maker and find out if the buyer/seller has a further interest.

As far as your other question - the print wasn't a buy or a sell. For every print that hits the tape there is a buyer AND a seller (or multiple buyers/sellers).

Darren
 
DeeMan--
Once again thank you for the informative reply. I do however know that there are two sides to every trade. What I'm trying to do is look for the bias w/in that trade by following a trail if any. This particular stock has become a pet project of mine where I try to get inside and figure out every nuance of the bugger and learn the mechanics from people like you. Cheers.
 
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