Hindsight Markets Small-cap stocks on September 25, 2026
MSGY on September 25, 2026: why it ran
On September 25, 2026, MSGY opened up 4.4% from the previous close of 2.04 and reached 11.42 at 12:02 p.m. ET. The exchange halted it 3 times.
- Previous close
- 2.04
- Open, 9:30 a.m.
- 2.13
- Gap at the open
- up 4.4%
- Pre-market high
- 2.16 at 7:31 a.m.
- High, 4 a.m. to 4 p.m.
- 11.42 at 12:02 p.m.
- Low, 4 a.m. to 4 p.m.
- 1.97
- After-hours high, 4 p.m. to 8 p.m.
- 12.68 at 5:04 p.m.
- Last trade before 4:00 p.m.
- 8.10
- Volume
- 22.43 million
- Relative volume
- 1329.3x
- Float
- 807,125 shares, from filings as of September 25, 2026
- Shares outstanding
- 2.12 million
Replay MSGY's day
It starts at 10:50 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 10:53 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Intraday run
- Halted three times
- Float traded 23x
- Halt reopen
- Lower high
- After-hours reversal
Pre-market: a quiet stock
MSGY closed the day before at $2.04. This is a very small float: 807,125 shares.
Pre-market was thin. The high was $2.16, first hit at 7:31 a.m. 2,249 shares traded before the bell.
The open and the first halt
It opened at $2.13 and ran up through the first 5 minutes to $2.46 at 9:35. By 9:37 it was back at $2.17. Then it built again.
At 10:02 the volume jumped to over 100,000 shares a minute for three straight minutes. It hit $3.34 at 10:04. At 10:05 it fell to $2.39, and at 10:05:47 it was halted (a volatility pause).
It reopened at 10:10:47 at $2.47. A single 18,197-share print went through at $2.47 at that second.
The flush to $2.00 and the second halt
By 10:12 more shares had traded than exist in the whole float (807,125). That minute it fell to $2.00, down 40% from the $3.34 high.
It then climbed back to $3.07 at 10:20, and at 10:20:43 it was halted again. It reopened at 10:25:43 at $2.88, below where it stopped. A 14,825-share print went through at that price.
A slow climb, and ask walls
The next 15 minutes were choppy, between about $2.47 and $3.47. Then it started climbing. At 10:40 an ask wall of about 75,000 shares (9.3% of the float) showed up at $3.74. It was pulled at 10:45:45. Within half a minute of that, two sell sweeps went through the book, the largest 30,172 shares from $3.68 to $3.58.
At 11:00:52 another ask wall appeared, 50,060 shares at $5.04 (6.2% of the float).
Stop It's 11:04. MSGY is at $4.46. A 50,000-share ask wall appeared at $5.04 about three minutes ago. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 11:04 a.m. ET for your call, then show what happened. The clip starts at 11:01 a.m. ET.
The $5.04 wall was pulled at 11:04:33. The 11:04 minute ran to $5.10 and closed at $4.98. At 11:05 it hit $5.55. At 11:06 it reached $5.95. By 11:06 it had traded ten times the float.
The third halt and the $5.95 bid
At 11:06:56 it was halted (a volatility pause) with the last trade at $5.95.
At 11:06:43, a bid for stock appeared at exactly $5.95. It peaked at 62,282 shares at 11:06:51, about 8% of the float. A second bid, up to 45,821 shares, showed up at $6.55 at 11:15.
The halt lasted almost an hour. The stock reopened at 12:02:17 at $9.52, 60% above where it stopped. A single 140,055-share print went through at that price.
The 12:02 minute ran to $11.42, the high of the regular session, with a low of $7.62.
The top and the fade
Within two minutes it was at $9.00. At 12:05 it pushed to $10.87, a lower high under $11.42.
The $6.55 bid was pulled at 12:03:36. At 12:10:42 the $5.95 bid was pulled. At 12:11 the stock fell to $7.68.
It kept fading: $6.96 at 12:24, down to $5.95 at 2:07 and back near $6.40 by 2:20, and a push to $8.48 at 3:55. It closed the regular session at $8.10.
By the close, 18.74 million shares had traded: the float changed hands about 23 times, with a relative volume of about 1,329.
After hours
At 5:00 p.m. it jumped from $7.66 to $8.51, and at 5:04 p.m. it hit $12.68, above the $11.42 regular-session high. It closed that minute at $11.65.
Then it slid. It was $10.06 at 5:12, $9.62 at 5:36, and at 5:37 it dropped to $7.64. By 7:19 p.m. it was at $5.00, down 61% from the high. After hours, 3.70 million shares traded.
What to take from it
- A halt can reopen far higher than it stopped. The 11:06 halt stopped at $5.95 and reopened at $9.52 almost an hour later.
- Chasing a reopen costs more than the screen says. The book was thin at 10:10, 10:25 and 12:02, and the 5,000-share orders cost $349, $636 and $69 over the screen.
- After the top, the next push stopped lower. $11.42 at 12:02, then $10.87 at 12:05. After hours then reached $12.68 and was back to $5.00 by 7:19 p.m.
Why it ran
News and SEC filings for MSGY published between the previous session's close and the first minute MSGY traded 20% above it, at 9:35 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Intraday run. It opened up 4.4% at 2.13, then ran from the open to the high of 11.42 in 152 minutes through 3 halts.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:31 a.m. | Pre-market high, 2.16 | |
| 9:30 a.m. | The open: 2.13, up 4.4% from the previous close | |
| 9:35 a.m. | First trade 20% above the previous close of 2.04 | |
| 10:05 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:10 a.m. | |
| 10:12 a.m. | Volume since 4:00 a.m. passes the whole float, 807,125 shares | |
| 10:20 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:25 a.m. | |
| 11:06 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 12:02 p.m. | |
| 12:02 p.m. | High of the day to the close, 11.42 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 8.10, 29.1% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- Volume, from the one-minute bars: 2,249 shares before the 9:30 a.m. open (0%), 171,536 in the first 30 minutes (1%), and 22.26 million in the rest of the day to 8 p.m. (99%).
- Float rotation, the volume since 4 a.m. against the float of 807,125 shares: past it once at 10:12 a.m., twice at 10:27 a.m., three times at 10:39 a.m.
- The halt at 10:05 a.m.: down 11.8% in the 5 minutes into it, reopened at 2.47, up 3.3% from the last trade before it, then down 8.5% over the next 5 minutes.
- The halt at 10:20 a.m.: up 37.1% in the 5 minutes into it, reopened at 2.88, down 6.2% from the last trade before it, then down 9.7% over the next 5 minutes.
- The halt at 11:06 a.m.: up 39.7% in the 5 minutes into it, reopened at 9.52, up 60.0% from the last trade before it, then up 0.3% over the next 5 minutes.
- Other days MSGY met the small-cap rule in our recaps: 3, the latest on September 30, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 10:05 a.m. | 10:10 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:20 a.m. | 10:25 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 11:06 a.m. | 12:02 p.m. | 55 min 21 s | LULD pause (limit up-limit down) |
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay MSGY on September 25, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.