Why Does Someone Keep Losing Money On AAPL In The Last Second Of Trading?
In the last second of trading on January 2, 2013, trades executed more than $3 above existing market prices in Apple Computer Corp (symbol AAPL). These trades were marked ISO, which means the trader submitting the orders wanted to execute at these higher prices. Why? Good question. This has happened before (as Nanex are so excellent at uncovering): see Apple and Google's Last Second.
1. AAPL - 1 second interval chart showing trades color coded by exchange.
Several ISO trades with much higher prices appear from BATS (pink) and NSX (gold) in the last second of trading.
2. AAPL - 50 millisecond interval chart showing trades color coded by exchange. Zooming in from Chart 1.
3. AAPL - 50 millisecond interval chart showing bids, asks and trades color coded by exchange.
The trades execute against existing offers. Coupled with the ISO condition indicates these were intentionally executed at prices significantly above market price.
4. AAPL - 5 millisecond interval chart showing trades color coded by exchange. Zooming in further.