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UTG
Aug 31, 2021 16:35:06 GMT
Post by uncleharley on Aug 31, 2021 16:35:06 GMT
UTG spiked up about 2% at the open this morning on heavy trading volume. It made a similar spike at the open on friday. I assume that the opening price indicates the accumulation of pre-market trading, however the opening price was not sustained. Within a minute of trading the price settled back to a normal opening level. Since this is the 2nd time this has happened can anyone give me an explanation for the volatility of the opening price?
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UTG
Aug 31, 2021 18:14:43 GMT
Post by steelpony10 on Aug 31, 2021 18:14:43 GMT
UTG spiked up about 2% at the open this morning on heavy trading volume. It made a similar spike at the open on friday. I assume that the opening price indicates the accumulation of pre-market trading, however the opening price was not sustained. Within a minute of trading the price settled back to a normal opening level. Since this is the 2nd time this has happened can anyone give me an explanation for the volatility of the opening price? Maybe it’s tied into the infrastructure bill, the doom and gloom of the talking heads. This is a better one if you’re looking for long term income. If you’re looking to make cap gains as a trader there’s easier ways to make money then with CEF’s.
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UTG
Aug 31, 2021 20:37:08 GMT
Post by uncleharley on Aug 31, 2021 20:37:08 GMT
After taking a 2nd look at the chart I think it was just a high frequencey trader doing his thing with a thinly traded CEF at the open. If that is correct, I find it very interesting that they found it easier to do a melt up with that particular security, rather than a flash crash.
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Post by chang on Aug 31, 2021 21:39:56 GMT
You might consider entering some crazy-high limit sell orders before the open, if this is a real and repeatable phenomenon. I did that once and got a fill.
Edit: the opening spike might actually be due to a combination of someone entering a high limit sell order, and some fool entering a market order before the open.
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UTG
Aug 31, 2021 22:34:17 GMT
Post by uncleharley on Aug 31, 2021 22:34:17 GMT
You might consider entering some crazy-high limit sell orders before the open, if this is a real and repeatable phenomenon. I did that once and got a fill. Edit: the opening spike might actually be due to a combination of someone entering a high limit sell order, and some fool entering a market order before the open. Both of these spikes came back to a predictable open in less than a minute. Usually the price would not come back that quick from a linit order. Having said that, I really do not know what was going on, but I am glad the spike was up rather than down. I am taking that as a signal the upward trend is in tact and strong. Fwiw; both of the spikes went to 25 cents higher than the all time high for the fund. That is just some trivial data that might mean something sometime.
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