1. Your Questions About Nasdaq After Hours
Daniel asks…
What are Pre-market trading hours and After-market hours?
In NASDAQ, what are the Pre-market trading hours and After-market hours? I guess buy/sell
order can be placed in this hours but execution can only take place in trading hours?
Can anybody elucidate?
Steve Winston answers:
As for the hours, each exchange and ECN has their own trading times. I believe NASDAQ and
NYSE Arca starts the pre-market session at 8:00AM and ends after-market at 5:00PM. ECNs
generally have much longer trading hours, and the earliest begins at 4:15AM and ends at
7:00PM.
Like the two previous posters wrote, liquidity during pre and after-market hours tends to be
extremely thin for most stocks. In generally, on the most liquid stocks and ETFs are traded
during those times.
1 / 11

2. William asks…
Are Electronic Communications Networks / ECNs for Stock Market
open 24/7 or is there times when they r closed?
I am looking at GM stock charts on Nasdaq after hours but it does not show the date . I am
thinking the chart is showing Wednesdays data since normal trading ended early plus it likely
was closed for Christmas. I will propbably have to wait for Pre-Market data. Is there other times
when institutional investors do not have access to ECNs?
Steve Winston answers:
No they are not open 24/7. For example Nasdaq extended trading is 8:00-9:30 AM Eastern
Time and 4:00-6:30 PM Eastern Time.
2 / 11

3. Betty asks…
"why isn't there 'one' place to get after hours quotes"?
"why isn't there one place to get after hours quotes" I go on yahoo I get one after hours quote.
Then I go on Ameritrade I get another, and finally on go on the Nasdaq site and I get another.
Steve Winston answers:
The same reason there isn't one restaurant to go out for dinner...
I'm not sure I understand your question.
///
Nancy asks…
3 / 11

4. Daytrading in Pre/After Market Hours?
I have a brokerage account with a balance under $25,000 and so can only execute 3
DAY-trades within 5 business days or I will be deemed a pattern daytrader and will receive a
margin call per dow/nasdaq rules. My question is, does this apply to trading in pre/after market
hours? Essentially, if I buy shares during premarket hours and sell them after the market
opens is this considered a daytrade?
Steve Winston answers:
Basically, yes.
Premarket trades are 'counted' as occurring on the day they are executed. Check with your
broker to see how they handle after hours trades.
Ruth asks…
4 / 11

5. Stock Market Game related to actual stock market.?
In economics class, we play the Stock Market Game created by University of Georgia. In the
game, we start with 10k and have to invest it, but what most students do is just check
http://dynamic.nasdaq.com/dynamic/afterhourma.stm for the most active after hours, buy the
one that goes up the most, and sell it the second it goes up. The real stock market isnt like this
is it? If it is, why isn't everyone incredibly wealthy?
the site is stocksquest.coe.uga.edu
The game takes a 10 dollar trade fee. It opens and closes at normal stock market times. I think
the biggest difference that I can find (given, I know very little about stocks) is that the game
works on a ten minute delay, I believe.
Steve Winston answers:
Taxes, commissions, etc. Are all good points, but there is a fundamental problem with your idea.
There is a little ambiguity in what you wrote. You said that the students: "buy the one that goes
up the most (in after hours)". Well, how do know which one has gone up the most in after hours,
unless the after hours market is CLOSED?
If it is closed, then they have to buy in the MORNING. There are basically two ways to
accomplish this:
1) With a Limit order (in which you set your maximum price). If the price you set is too low, your
order won't get filled. If the price is too high, you reduce your chance for profit.
2) With a Market order, you basically are saying: "I don't care what it costs, I just want the
stock." You can obviously see the problems with this approach for day trading. If your theory is
correct, this price will likely be much higher than the afterhours price.
Of course, you are also making the assumption that the stock will always be higher the next
day, which is quite a risk.
Update: Did you say that the game has a ten minute delay? So when you put an order in, do
you get the 10-minute delayed price? If so, that's is COMPLETELY RIDCULOUS, because you
can make decisions based on future (10-minute) values. How can you make a wrong decision,
unless you have to keep the stock for at least 24 hours? Based on that info, my answer is: "No,
5 / 11

6. the real stock market will not let you purchase stocks based on what their value 10 minutes
earlier was."
Sharon asks…
Any Seagate profit sharing rumours?
Can you guess the correct amount of hours paid to seagate employees via profit sharing.It
should be announced tonight at close of nasdaq market.10 points for closest guess. no
guesses after 10pm GMT
Steve Winston answers:
Yeah Not a good year No bonuses I m afraid
6 / 11

7. Steven asks…
can SOME1 EXPLAIN THIS PLEASE?? =]PLS EXPLAIN LONG BUT
UNDERSTANDABLE AND EXPLAINABLE.?
PLS EXPLAIN LONG BUT UNDERSTANDABLE AND EXPLAINABLE.! =]
Recession fears slam stocks:
NEW YORK (CNNMoney.com) -- Stocks tumbled Friday morning after AIG's record loss and
weak readings on manufacturing and consumer sentiment revived recession fears.
Adding to the downbeat sentiment were record-high oil prices, the slumping dollar and reports
that a rescue of bond insurer Ambac has hit some roadblocks.
Roughly two hours into the session, the Dow Jones industrial average (INDU), the broader
Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) all fell at least 1.7%.
AIG (AIG, Fortune 500) reported a steep $5.3 billion quarterly loss after the market close
Thursday and said it took an $11 billion writedown related to big losses in investments tied to
bad mortgage bets. Shares of the Dow component tumbled 7% Friday.
Also late Thursday, Dell (DELL, Fortune 500) reported quarterly profit that fell from a year ago
and missed estimates, due to a number of charges it took in the quarter. The company was also
cautious on its outlook, saying it was seeing some large customers holding back on purchases.
Shares dipped 1.5% Friday.
CNBC reported that a proposed bailout of troubled bond insurer Ambac Financial has hit some
significant snags, sending Ambac (ABK) shares 7.5% lower and adding to economic worries.
Meanwhile, investor Wilbur Ross said he was injecting up to $1 billion in bond insurer Assured
Guaranty (AGO), whose stock climbed 14%.
Economic news mostly negative. The Chicago PMI, a report on manufacturing in the Midwest,
fell more than expected, falling to 44.5 in February from 51.5 in the previous month, a more than
six-year low. Economists thought it would fall to 49.5. Any number below 50 indicates weakness
in the sector.
The University of Michigan's consumer sentiment index was revised up slightly to 70.8 in
February from an earlier read of 69.6, the lowest level since the early 1990s. Sentiment stood at
78 in January.
Both personal income and personal spending rose more than expected in January, the
Commerce Department reported. But the report pointed to signs of inflation pressure.
7 / 11

8. Income rose 0.3% after rising 0.5% in December. Economists surveyed by Briefing.com thought
income would rise 0.2%. Spending rose 0.4% after rising 0.3% in December, versus
expectations for a rise of 0.2%.
Core PCE, the report's inflation component, rose 0.3%, as expected, after rising 0.2% in
December. But the measure, which tracks prices paid by consumers for goods other than food
and energy, rose 2.2% versus a year ago. That's above the 1% to 2% range for that indicator
that the Federal Reserve is said to prefer.
The Fed has cut interest rates steadily since September, leaving the fed funds rate, a key bank
lending rate, at 3%. Wall Streeters expect the bank to cut rates by another half-percentage point
at the upcoming meeting on March 18.
However, in recent congressional testimony, Fed Chairman Ben Bernanke indicated that rising
inflation was making it harder for the Fed to continue cutting rates to stimulate the sluggish
economy.
On the move. Stocks declines were broad based, with all 30 Dow components sliding, led by
AIG. Other big losers included Citigroup (C, Fortune 500), JP Morgan (JPM, Fortune 500) and
American Express (AXP, Fortune 500).
Elsewhere in the financial sector, MF Global (MF) slumped 20% in active trade, falling for a
second session after admitting it lost $141.5 million after a rogue trader made unauthorized
bets. Goldman Sachs, Credit Suisse and UBS all downgraded the stock and Moody's and S&P
cut their ratings on the company's debt Friday.
Among other movers, shares of R.H. Donnelley (RHD) plunged for a second session after Bear
Stearns and Deutsche Securities downgraded the stock of the phone book publisher and search
engine operator. R.H. Donnelley slumped Thursday as well after reporting fourth-quarter
earnings that missed forecasts and issuing a first-quarter outlook that is shy of expectations.
Market breadth was negative. On the New York Stock Exchange, losers topped winners four to
one on volume of 650 million shares. On the Nasdaq, decliners topped advancers five to two on
volume of 1.07 billion shares.
Other markets. U.S. light crude oil for April delivery fell 64 cents to $101.95 a barrel on the New
York Mercantile Exchange, after ending the previous session at a record close of $102.59. The
front-month contract touched a new trading high of $103.05 in electronic trading.
COMEX gold for April delivery fell $1 to $966.50 an ounce.
Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.57% from 3.66%
late Thursday. Bond prices and yields move in opposite directions.
In currency trading, the dollar touched a fresh all-time low versus the euro before recovering a
bit. The greenback hit a three-year low against the yen.
8 / 11

9. Steve Winston answers:
I'll summarize it. We are now in a recession. When that happens...
1- Gold goes up due to inflation. It was down, but still is high at $900+ an ounce.
2- Stocks go down, because our jobs /economy is down, so companies can't earn the big bucks
because people don't have jobs or money to spend.
3- Dollar is declining because it's not worth anything because we keep lowering interest rates
during inflation.
4- Our GDP is down...which means our economy is not growing.
Summary- we are in trouble!!!!
Paul asks…
What happened in your year of birth?
For example: 1971 Richard Nixon is president of the US
Charles Manson and 3 of his followers are convicted of multiple counts of first-degree murder
An earthquake in California's San Fernando Valley kills 64 people
New York Times begins publication of classified Pentagon papers on US involvement in
Vietnam
9 / 11

10. The $70 million Kennedy Center opens in Washington, DC
A four day revolt at New York's Attica state prison ends after being stormed by 1000 state
troopers
A new stock-market index called the Nasdaq debuts
Walt Disney World opens
Intel releases world's first microprocessor, the 4004
Ray Tomlinson sends the first e-mail
Libertarian party established in USA
Kid Rock, Denise Richards, Sean Astin, Winona Ryder, and Ricky Martin are born
Pittsburgh Pirates win the World Series
Baltimore Colts win Superbowl V
Montreal Canadiens win the Stanley Cup
The Bell Jar by Sylvia Plath is published
The Sonny and Cher Comedy Hour premeires on television
"Bridge Over Troubled Water" by Simon & Garfunkel wins Grammy for song of the year
All in the Family premieres
Give the year also please
Steve Winston answers:
1991
10 / 11

11. January 4 - The United Nations Security Council votes unanimously to condemn Israel's
treatment of Palestinians.
Nobel prizes
Physics - Pierre-Gilles de Gennes
Chemistry - Richard R. Ernst
Medicine - Erwin Neher, Bert Sakmann
Literature - Nadine Gordimer
Peace - Aung San Suu Kyi
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
Ronald Coase
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