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China Information Technology, Inc. Message Board

  • PutLovr PutLovr Feb 14, 2011 3:43 PM Flag

    Missed it by that much---Maxwell Smart

    Would you believe...

    After CNIT touched $4.50 last Wednesday I put in an order to buy 10,000 CNIT at 4.50 hoping but after closing up at 4.57 that day, there hasn't been a chance.

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    • As I suspected, as long as I had a bid in for 10,000 shares at 4.59, the market would not trade below 4.60. So at 3PM I took away the bid and the price fell to $4.57.

      How do I see after hours bids--I see a huge bid/ask spread.

      I'd buy 10,000 shares at 4.60.

    • As long as my bid for 10,000 shares at 4.59 sits there, not a single share will trade at that level--the offer holds firm.

      But I just removed my order...now lets see if it trades at $4.59. My concern is that if I put in the bid at $4.60 it would just move the ask up to $4.61 and I still wouldn't get filled.

    • Stock performance in past week suggests to me that I won't get the shares at $4.50.

      Only problem is that I really want to buy 10,000 shares. I don't want to put a limit order in and get 300 shares at that price then drive the price up. And there isn't enough volume here.

      • 1 Reply to PutLovr
      • A bit of advice regarding your attempt to buy at $4.50. At that time it was fairly evident that there was substantial support (relative to volume) at $4.50. For some reason most investors psychologically like to buy or sell at even numbers. Especially at .50 & 1.00 points.

        So when you really want to buy it's often wise to put an order in for .01, .02, or .03 above the level of support. In this case if you had put in an order at $4.53 it's most likely you would have been able to get all or at least most of your order filled at $4.51, $4.52, and $4.53. Since you correctly saw strong support at $4.50 there wasn't a lot of risk buying at those prices.

        Regarding your message at the close yesterday, if you had looked at share availability after hours you would have seen a block for sale of 18,300 at $4.60. That would have been a good opportunity to fill your entire order at that price. Right now it looks like there is at least 4,000 shares available at $4.60 and there is a bit of support at $4.59 so you might want to put your order in for $4.62 and you might pick up all or most of your shares at that price or less.

 
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