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Re: Spreads in the morning appears to be getting wider by the week as high as 1.30 today eom
"Spreads in the morning appears to be getting wider by the week as high as 1.30 today"
ARNA's low volume enables the MMs to engage in total obliteration of investor price discovery efforts. The last couple of days I have done some trading in SAVA, a stock currently trading in the $70s with daily volume usually exceeding two million shares. Today over 6,000 options traded and that level of volume eliminates MM game playing. I was seeing $80 to $100 strikes with spreads typically in the 10 cents to 20 cents range. When I viewed the ARNA option activity (total volume today of 37--what a joke), spreads were sometimes in the $3 to $4 range. Same thing for the bid/ask on the stock itself--a few pennies on SAVA and more than $1 on ARNA. ARNA investors trying to both buy and trade ARNA are getting fleeced by its MMs unless those investors are really diligent. The MMs with their self serving algos simply throw up numbers that have nothing to do with fair/reasonable valuation and say take it or not. Right now the current stock price is totally controlled/set by the MMs due to the dismal volume and lack of buyers--it could just as easily be a $90 stock as a $65 stock (we may see that range before first quarter 2022). I'm really looking forward to exiting this stock when I think the time is right. Thinly traded stocks with relatively rare price driving events suck from a trading perspective.