Wednesday, October 14, 2009
MYNG was another big gainer on Oct 13, 2009
The mining company received a buy offer for a piece of property from another company. On the intra-day chart, you can see exactly when this happened and how long it took for the price to adjust to the new level. Magically, this new level (0.003), just as the one that served as a resistance (0.004), are round figures. The whole adjustment process took about 2 hours. So here is market efficiency in action, with an estimate for the characteristic time scale. It is not instantaneous.
I am curious what will happen today: some people do not digest information on an hourly basis, but do it on a daily basis. For them, MYNG is still "in the news".