Posted by zubeldia on 10th of Oct 2014 at 01:51 pm
I was watching CBRL today, as it was going to hit the Limit
price set in the Velocity Basket and get us a nice winner. As it
turns out, right before the market opened there was a Bid order
placed by someone at $99 which is WAY below the closing yesterday
over $104. Of course, there was nobody with an Ask that low, and
the next orders executed at $103.61 (as shown in the Market Open
quote).
But... a Bid below the Stop order price triggered the Stops for
everybody in the Velocity basket, and thus the CBRL position was
sold at the opening price.
CBRL Market Maker playing dirty?
Posted by zubeldia on 10th of Oct 2014 at 01:51 pm
I was watching CBRL today, as it was going to hit the Limit price set in the Velocity Basket and get us a nice winner. As it turns out, right before the market opened there was a Bid order placed by someone at $99 which is WAY below the closing yesterday over $104. Of course, there was nobody with an Ask that low, and the next orders executed at $103.61 (as shown in the Market Open quote).
But... a Bid below the Stop order price triggered the Stops for everybody in the Velocity basket, and thus the CBRL position was sold at the opening price.
Is this sort of manipulation common?
Long stops shouldn't be set
Posted by a_l_ on 10th of Oct 2014 at 02:09 pm
Long stops shouldn't be set to trigger off bids.
manipulation
Posted by brophy on 10th of Oct 2014 at 01:54 pm
...all the time