Love that Extended Trading Hour
Oh…do I love the Extended Trading hours…I have an extremely busy day, and usually find it hard to just sit by the PC and watch for the right opportunity to pounce on a stock…so I will usually set up buy points for positions I wish to acquire and sell points for positions I wish to sell. As these are Limit orders, I usually allow the actions to take place on a Good-till-Cancel basis into the After-Hours (better known as Extended Trading hours).
Every once in a while, I luck out as a newbie (someone new to online trading) puts in a market order to buy/sell a certain position in the Extended Hours trading. See, with volume running extremely light in Extended Hours trading, a market order for any significant volume usually will end up executing over multiple buyers/sellers and will usually drop or raise the price, temporarily, in a significant way.
So, today, I had buy orders in for ISRG at 95.35 and 97.75 – just a handful of shares each time. With the stock closing the day at 103.35, I had no expectation of getting filled anytime soon. Well, a newbie decided to make my day! Someone dumped their shares at MARKET in the Extended Trading Hours and both my orders were filled. The stock is still currently at 102.62, meaning I can turn around and make a quick 6% on my after-market trade. I plan on doing just that and then rebuying the shares when they really hit 97.75 and 95.35 (i.e., during regular trading hours) in the coming days!
