Hindsight Markets Small-cap stocks on October 7, 2026
MI on October 7, 2026: why it ran
On October 7, 2026, MI opened up 32.8% from the previous close of 1.22 and reached 2.46 at 4:17 a.m. ET. The exchange did not halt it.
- Previous close
- 1.22
- Open, 9:30 a.m.
- 1.62
- Gap at the open
- up 32.8%
- Pre-market high
- 2.46 at 4:17 a.m.
- High, 4 a.m. to 4 p.m.
- 2.46 at 4:17 a.m.
- Low, 4 a.m. to 4 p.m.
- 1.41
- After-hours high, 4 p.m. to 8 p.m.
- 1.62 at 4:02 p.m.
- Last trade before 4:00 p.m.
- 1.54
- Volume
- 19.04 million
- Relative volume
- 4.7x
- Float
- 955,086 shares, from filings as of October 7, 2026
- Shares outstanding
- 955,086
- Halts
- none in the halt feed
Replay MI's day
It starts at 8:33 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:36 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
- Main move: pre-market
- Gap, run and fade
- Float traded 20x
- Bid and ask walls
- Filing: 424B5
The day before
On October 6, MI opened at $4.50 and traded as high as $4.60. It fell to a low of $1.07 and closed at $1.22. About 10.04 million shares traded.
At 1:20 p.m. a GlobeNewsWire headline read: NFT Ltd. Announces Pricing of $2.55 Million Registered Direct Offering. The data doesn't say whether that had anything to do with the drop. The last bar of that day was $1.56.
Pre-market: the float traded by 4:10 a.m.
The first trades on the 7th were at $1.77, already above the $1.22 close. The float is 955,086 shares. By 4:10 a.m., more shares had traded than exist in the whole float.
From 4:11 to 4:14 it sat between $1.80 and $1.88.
Stop It's 4:15. MI is at $1.83. For four minutes it has stayed between $1.80 and $1.88, and more than the whole float has already traded. Would you buy a break higher?
Press play: the real Level 2, time and sales and chart stop at 4:15 a.m. ET for your call, then show what happened. The clip starts at 4:12 a.m. ET.
In the 4:15 minute it jumped from $1.83 to $2.29 on 380,630 shares. The next minute it reached $2.43. At 4:17 a.m. it hit $2.46, the high so far. That is 102% above the previous close.
It gave ground fast. By 4:21 it traded as low as $1.87. At 4:23 it pushed back to $2.22, a lower high under the $2.46 top.
The $1.59 bid wall
From 6:55 a.m., someone was bidding for a lot of stock at exactly $1.59. The size peaked at 67,805 shares at 7:11 a.m., about 7% of the float, across all exchanges.
Stop It's 7:34. MI is at $1.59. A bid wall has sat at $1.59 since 6:55, peaking near 68,000 shares at 7:11. Would you buy here, against that bid?
Press play: the real Level 2, time and sales and chart stop at 7:34 a.m. ET for your call, then show what happened. The clip starts at 7:31 a.m. ET.
Here's what happened. From 7:34:15 to 7:34:21, 18,940 shares traded at exactly $1.59 in 5.7 seconds, and the wall was gone. Sellers hit it. By 7:40 the stock had traded as low as $1.48.
Spikes before the open, and a 130,000-share ask wall
At 8:23 a.m. it ran to $1.89 on 409,059 shares, which put the volume at ten times the float by then. Two minutes later it was down to $1.41. At 8:50 it ran again. The 8:51 candle reached $2.00 on 667,361 shares.
At 8:59:53 a large ask wall showed up at $1.77. It peaked at 129,637 shares, about 14% of the float.
Stop It's 9:00. MI is at $1.75. About 130,000 shares are offered at $1.77, two cents above. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 9:00 a.m. ET for your call, then show what happened. The clip starts at 8:57 a.m. ET.
The wall was not eaten. It was pulled at 9:07:30, and the stock sat near $1.62 at that point. A new ask wall appeared at $1.76 at 9:07:30, peaked at 97,679 shares at 9:12:28 and was pulled at 9:12:43. At 9:12:54 a buy order swept 35,025 shares from $1.68 to $1.70, and a 24,905-share print went through at $1.70. A third ask wall at $1.76 peaked at 72,982 shares at 9:30:20 and was pulled at 9:35:07.
The open and the 11:05 flush
It opened at $1.62, up 33% from the previous close. It went from $1.56 to $1.76 and back to $1.51 within the first three minutes. At 9:47 a sell order swept 48,353 shares from $1.69 down to $1.56.
Then it quieted and drifted lower. At 11:04 it fell hard: a sell order swept 58,314 shares from $1.53 to $1.43. At 11:05 another sweep sold 56,145 shares from $1.53 to $1.41. $1.41 at 11:05 was the low after the open. The same minute closed at $1.61. A third sweep at 11:06 sold 35,097 shares from $1.57 to $1.45.
From 11:14 a bid wall sat at $1.47. It peaked at 86,645 shares at 11:41 and was pulled at 12:00:58.
The 424B5 and the close
At 12:00 p.m. the company filed a 424B5 prospectus (a shelf offering's terms). The stock was near $1.53. It rose to $1.84 by 12:21, its best price of the regular session, then slipped back toward $1.60. The filing is all the data shows. It doesn't say why the stock moved.
From 1 p.m. on, it traded in a narrow range with thin volume. It closed at $1.54, 37% under the $2.46 high of the day. That high came before the bell, at 4:17 a.m., 52% above where the stock opened.
By the close, 4.99 million shares had traded in the regular session, about 5 times the float. Counting pre-market (13.72 million) and 330,646 shares after hours, the day total was 19.04 million, about 20 times the float and 4.7 times normal volume.
What to take from it
- The high came before the bell. $2.46 came at 4:17 a.m. and the stock opened at $1.62. A trader who only watched from 9:30 never saw it.
- After the top, the next push stopped lower. $2.46 at 4:17 a.m., then $2.22 at 4:23 a.m.
- Walls can be sold through or pulled. The $1.59 bid was hit and gone in 5.7 seconds. The 130,000-share ask at $1.77 was not eaten. It was pulled.
Why it ran
News and SEC filings for MI published between the previous session's close and the first minute MI traded 20% above it, at 4:00 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Gap, run and fade. It gapped up 32.8% to 1.62 at the open, ran from the open to the high of 1.84 in 171 minutes, then gave back 136% of that move by 4:00 p.m., trading at 1.54.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of 1.22 | |
| 4:10 a.m. | Volume since 4:00 a.m. passes the whole float, 955,086 shares | |
| 4:17 a.m. | Pre-market high, 2.46 | |
| 4:17 a.m. | High of the day to the close, 2.46 | |
| 9:30 a.m. | The open: 1.62, up 32.8% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 1.54, 37.4% 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: 13.72 million shares before the 9:30 a.m. open (72%), 1.46 million in the first 30 minutes (8%), and 3.87 million in the rest of the day to 8 p.m. (20%).
- Float rotation, the volume since 4 a.m. against the float of 955,086 shares: past it once at 4:10 a.m., twice at 4:16 a.m., three times at 4:19 a.m.
- Other days MI met the small-cap rule in our recaps: 4, the latest on October 9, 2026.
Halts
The exchange's halt feed shows no halts for MI that day.
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 MI on October 7, 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.