MI on October 5, 2026: why it ran

The day, step by step

• Small cap
• Momentum
• Gap, run and fade
• Ask-wall breaks
• Halted eight times
• Float traded 106x

The day before

On October 2, MI traded between $0.73 and $1.02 on 77,429 shares and closed at $0.89. After hours the last bar was $1.01.

Pre-market: the float traded by 8:12 a.m.

The first trades on the 5th were at $1.00, already above the $0.89 close. For most of the next four hours it stayed near $1 or below, on thin volume.

The float is only 510,729 shares. By 8:12 a.m., more shares had traded than exist in the whole float. In that minute it went from $1.25 to $3.99, and it traded through $2.00 for the first time.

The pre-market high was $4.42 at 8:13 a.m. Two minutes later it was at $2.87, down 35% from the high. By 8:24 a.m. the volume was ten times the float. 11.26 million shares traded before the bell.

The open and five halts

It opened at $2.99, up 234% from the $0.89 close. The 9:30 minute dipped to $2.44. By 9:34 it was at $3.32, and at 9:34:37 it was halted (a volatility pause).

It reopened at 9:39:37 with a 65,624-share print at $3.32 and fell to $2.66 within the minute. Then an ask wall appeared at $2.66. At 9:40:01 it peaked at 122,618 shares, 24% of the float. One second later, at 9:40:02, the stock was halted again, this time for ten minutes.

It reopened at 9:50:02. The wall was pulled one second later, and the stock hit $2.03 at 9:50, the low since the open. It then climbed to $2.96 and was halted at 9:51:43. It reopened at 9:56:43. A 52,149-share buy swept from $2.91 to $3.09 across 18 price levels at 9:56:57. At 9:57:25 it was halted again, and it reopened at 10:02:25 at $2.34.

From there it climbed back to $4.02, and at 10:09:52 it was halted a fifth time. It reopened at 10:14:52 at $3.98, and at 10:15 it cleared the pre-market high of $4.42, reaching $5.08 in that minute.

$6.89, a halt, and the wall at $4.87

From $2.34 at 10:02 it ran to $6.89 at 10:26, up 194%. Then it turned. At 10:31 it fell to $4.87, and at 10:31:55 it was halted (the sixth halt).

Just before the halt, a large ask wall showed up at $4.87 (first seen 10:31:44). It peaked at 91,817 shares, 18% of the float. The stock reopened at 10:36:55 at $4.70, with a 30,689-share print.

Here's what happened. At 10:37:03, 11,737 shares traded at exactly $4.87 and the wall was eaten by 10:37:04. The 10:37 minute reached $5.47.

The low of the reopen was $4.69 at 10:36, down 32% from $6.89. The stock ran to $6.02 at 10:46, then fell to $3.76 at 11:01, down 38%.

The wall at $6.50

From $3.88 at 11:08 it ran to $5.84 at 11:39, up 51%. It reached $6.84 at 12:08, then dropped to $5.00 at 12:41, down 27%.

From 12:26 a large ask sat at exactly $6.50. It peaked at 74,524 shares at 12:32, about 15% of the float. It sat there for about an hour while the stock worked between $5.00 and $6.50.

Here's what happened. At 1:29:03 trades began printing at $6.50. In under a second, 49,024 shares traded at exactly $6.50 and the wall was gone. It wasn't pulled. Buyers ate it. In the same second, three buy sweeps went through the book: 101,731 shares from $6.44 to $6.70, 49,385 from $6.70 to $7.00, and 37,454 from $7.25 to $7.52. The minute ended at $7.72.

$10.41, then the halt at $7.01

At 1:32:41 p.m. it was halted at around $8.56 (the seventh halt). Just before the halt a bid wall appeared at $8.56 (first seen 1:32:29). It peaked at 144,258 shares, 28% of the float, and was pulled at 1:37:00.

It reopened at 1:37:41 with an 84,757-share print at $8.56 and ran to $10.41, the high so far, in the 1:38 minute.

It held mostly between $9 and $10 for about 25 minutes. At 2:05 p.m. a sell of 87,905 shares swept down from $9.14 to $8.52 across 62 price levels. At 2:06:54 it was halted at $7.01, the eighth halt. Within 28 minutes of the top, it was back at $7.01.

Just before that halt, another ask wall formed at $7.01 (first seen 2:06:41). It peaked at 92,971 shares, 18% of the float. The stock reopened at 2:11:54 at $6.66, with a 48,837-share print, below where it was halted.

Here's what happened. At 2:12:05, 13,516 shares traded at exactly $7.01 in one second and the wall was eaten by 2:12:06. The minute's high was $7.22.

The rest of the day and after hours

At 2:25 p.m. the company filed a 6-K (a foreign company's current report). That minute the stock traded between $7.30 and $7.86.

It came back again. At 2:32 p.m. it pushed to $8.30, a lower high under the $10.41 top. Then it dropped to $5.60 at 3:14 and $5.48 at 3:20, bounced to $7.79 at 3:36, and closed at $6.88.

Through 4 p.m., 54.24 million shares had traded: the float changed hands about 106 times, at over 1,000 times its normal volume (normal is about 46,000 shares a day). It was halted 8 times.

After hours it reached $7.45 at 4:01 p.m. and fell to $4.12 at 7:19 p.m., down 45%.

What to take from it

• A big ask wall can be eaten in a second. The $4.87, $6.50 and $7.01 walls were each gone in about a second once buyers hit them.
• Buying right after a wall breaks or a halt reopens costs more than the screen shows. Here the 5,000-share orders averaged $408, $496 and $1,286 above the screen.
• After the top, the next push stopped lower. $10.41 at 1:38 p.m., then $8.30 at 2:32 p.m., and the stock closed at $6.88.

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