As we move in on the close AIG's volume is reaching upwards of 1.1bln shares. The average trade size is 471 shares, and the number of trades totals over 2.3 million in the stock on the day. By comparison, the only other current Dow stock to have ever traded over 1bln shares in a day was MSFT on its IPO, March 13th, 1986 and even that is split adjusted.
Looking deeper at the volume, over 400mln shares have been listed on the ADF (alternative display facility) meaning they were traded through ECNs, 320mln shares were traded on the NASDAQ, and 265mln shares on the NYSE Arca; only 105mln shares were traded on the NYSE. It makes us wonder about computerized trading programs with only Intel's fastest in the driver's seat.
Did not the shorts on the 799 financials have to cover today..or at least before Monday?
Posted by: j reacher | September 19, 2008 at 11:45 PM
The problem with computerized trading programs is that they tend to accentuate the trend no matter direction it is moving. I thought the problem was fixed in Oct 87.
Posted by: Alan | September 20, 2008 at 09:23 AM