I get a self nominated dunce cap award for $SRPT trade of the day. Closed out a trade last week but wasn’t fully filled and was left with 7 freaking shares. Was pondering what to do with those 7 shares this morning and decided to buy some.
At this point, the stock starts to get some strength and moving up in a very positive way. I put in an order as the stock moves up quickly.....it jumps higher. I reach a point of wanting to add a small position to add to my already miniscule position.
So, I send an order for 193 shares at 28.45. Do not really want to chase the stock higher but do want to round out to a small position. After a few seconds I ended up getting another partial fill for 99 shares at 28.45 at 9:49 am.
Now I own a still odd position of 107 shares due to my partial fills. Oh well, at least that is better than just 7 shares.
No sooner than I get filled the stock is jumping upwards. In less than 40 seconds from my purchase the stock is 3 dollars higher! Immediately I decide to call it quits with my good fortune and try to sell at 31.42.
I was perplexed over what was happening.
Numerous prints are going off at 31.41 and the bid is just getting hammered there. In a matter of not even 10 seconds I change my order to 31.41 and get filled at 9:50:44.
All of a sudden, the stock ceases trading nearly instantaneously after my order was filled.
Hmmmmm. That’s interesting. The wire is quiet except for the trading halt.
I’m ambivalent and just hungry so I go upstairs to find some breakfast. Rummaging around the fridge and the kitchen I don’t find much but settle on a bowl of cereal. Get my food and proceed back to my desk. I make it back just a minute or so after the stock resumes trading.
I nearly choke on my cereal. It is honey bunches of oats, btw, so a full on choking is possible.
One minute the stock is at 31 and the next it is trading at 52, not even in the space of 5 minutes. Even on a measly 107 shares, that would be a gain of over $2,200!
IN JUST 5 MINUTES!
The best high frequency trading machine couldn’t even trade a 100 shares on any stock for a gain of $1,000 in 5 minutes. If they can, might as well quit trading now as no one can compete against that.
The way my year has been I’m just fortunate I didn’t have a full order filled, the stock halted, and watch it drop 80% like some other land mines have done recently.
My head immediately is out of the game and I’m exhausted anyways. I call it a day and do not want to make any revenge trades on this odd happenstance.
Time to prepare for tomorrow.