more than likely Im wrong, but; could it be that early NY exchange opens morning then later the Chicago exchange opens midday then even later West coast thats 5 hrs of cumulating trading spiking while California and NY are both open. Lot more Asians on west coast than on East coast familiar w/ this security just a thought to concider... would that make any sence?
The markets open when they open - West coast retail investors may not be awake when NASDAQ opens @ 6:30 PST but you can bet that professional investors are not letting half of the trading day slip away.
The NASDAQ Stock Market Trading Sessions (Eastern Time)
Pre-Market Trading Hours from 7:00 a.m. to 9:30 a.m.
Market Hours from 9:30 a.m. to 4:00 p.m.
After-Market Hours from 4:00 p.m. to 8:00 p.m.
Quote and order-entry from 7:00 a.m. to 8:00 p.m.
Quotes are open and firm from 7:00 a.m. to 8:00 p.m.