Markets · 6 pages · 12 min
Why a print at night can be a bad guide
A small after-hours trade can cross a wide spread and say little about the next official open.
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From the opening
A nighttime print is one trade in the thin after-hours book, often for a small size. It can be a bad guide to the next regular-session price because it may have crossed a wide spread or reflected a quote that the returning crowd will replace. The opening covers one thin trade is not a verdict, a wide spread distorts the print, and the next open is a new auction.
The rest of the brief — the later sections and the reading notes — opens after Stripe confirms payment.
Inside
- One thin trade is not a verdict
- A wide spread distorts the print
- The next open is a new auction
- Heavy night volume is different
- Where the idea stops applying
- A distinction worth keeping
Sources
- After-hours price discovery
- Closing auction versus extended-hours prints