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jkipling (54.32)

IWF !!!! Someone please explain!

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September 24, 2008 – Comments (3) | RELATED TICKERS: IWF

What the heck just happened?? Why was IWF up above 68 per share (>30%) at 8:59 AM this morning then immediately back down to 49 when the market opens?  This seems really really fishy.  Can anyone explain this?  I wish I could sell IWF at 68 but because I'm a regular person I can't sell stock before the market opens.  If anyone knows what's going on can they let me know how I may be able to get in on this action?  It seems totally unfair!

 

 

3 Comments – Post Your Own

#1) On September 24, 2008 at 10:33 AM, lquadland10 (< 20) wrote:

Overnight trading on pure emotion and not logic. Someone making a quick trade for some cash. The big wales and the world bank are duking it out. Don't worry don't try and trade this unles you can afford to gain or loose a bundle.Watch them jump and twist and turn in the air until they come down in the ocean with a mighty chash. That is why oil and gold are going crazy. Do you hear their bellows and roars of empending doom? Grab your pop corn and enjoy the show.

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#2) On September 24, 2008 at 11:34 AM, leohaas (99.28) wrote:

Could have been someone pre-market entering a market order.

Some "professional" traders hunt for these kinda opportunities by entering insanely high-priced sell (limit) orders, or by entering insanely low-priced buy (limit) orders. If they happen to be the only order on the board at the time the market order hits, the order will get executed at the insane price.

This strategy only has a chance of success in very illiquid environments, such as pre- or after-market.

By the way, IWF is trading very close to NAV, so don't complain this is unfair. Even the "victim" of this scheme (after all, someone just bought some IWF at $68) should not complain: he or she just learned a lesson the hard way. 

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#3) On September 24, 2008 at 11:53 AM, jkipling (54.32) wrote:

The reason I'm complaining this is unfair is because I own IWF and would gladly unload it at $68 per share.  Why does some professional trader get to but I can't.

Eh, I'll live. Thanks for explaining what happened though. It seemed like an error!

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