Accelerated selling today as the S&500 broke 1000
Today was one of those days where we started off with some one off names trading such as BCRX SVA MTXX, which are all biopharm stocks. These names are speculative and rarely have any follow through considering their thin volume and lower market participation within the names. Once the speculative buyer gets his/her order filled the bid will collapse and shorts will come in, i see this the most in the options. Option sellers come in and usually sell the highest bid right before the underlying collapses, then everyone stuck long the strike will hit the bid. The shorts reap large fast rewards covering when the offers are very low.