I'm not certain what happened, but I just think it was a trader that saw a couple of 10,000 share GTC buy orders sitting their with a limit of $19 and he took 'em down.
He could have sat around waiting until there were 20,000 shares worth of bids at 21+ , or he could just take down the orders sitting their at $19 .
AON orders don't show up on level 2, and if the trader wanted to sell 20,000 shares at $19 a pop for $38,000 , then he has every right to do that.
I'm not sold on the pre-arranged theory.
There wasn't $hit for volume all day, and if I had 20,000 shares that I bought at $2-$5, you can bet that I would part with them for $19 if I could dump them in the blink of an eye.
"It's always better to be out wishing you were in, than being in wishing you were out."
