ET Reddit Mentions | ChartExchange

I’m surprised more people aren’t discussing the Nasdaq changes coming in December.
Starting December 6, Nasdaq is adding a new Night Session from 9 p.m. to 4 a.m. ET, effectively creating 23-hour trading five days a week. Yes, Robinhood and other brokers already offer overnight trading through ATSs, but this is different. Nasdaq itself is extending its exchange infrastructure and order book into those hours.
I think the bigger story isn’t simply “now you can trade NVDA at 2 a.m.” It’s what this could do to the way prices move if enough institutional liquidity develops overnight.
Right now, the market still has a major overnight dead zone. News can drop after the close, a stock can move violently in thinner trading, and then all of that pent-up buying, selling, short covering, panic and FOMO collides with massive liquidity at the opening bell.
With 23-hour Nasdaq trading, algorithms, funds and institutions potentially get almost the entire day to react, hedge, rebalance and unwind positions.
Think about NVDA. Instead of:
$180 close → major news → $195 gap → chaos at 9:30
you could increasingly see:
$180 → $184 → $187 → $190 → pullback → $193 → $195
Same overall repricing, but spread across hours instead of compressed into one violent move.
If that happens, I think some of the biggest effects could be:
• Less extreme opening-bell volatility
• Less panic selling and FOMO buying at 9:30
• Fewer overnight gap-and-go opportunities for day traders
• Fewer short squeezes caused specifically by shorts being trapped overnight
• More time for large funds to unwind or hedge positions
before they become forced trades
• More continuous algorithmic price discovery
• Potentially tighter overnight spreads if enough liquidity moves onto the exchange
That last part is what I find most interesting.
Large funds essentially get an escape hatch that stays open almost all day. If a fund is massively short and bullish news hits at midnight, it doesn’t necessarily have to wait until the next major liquidity window while pressure builds. Its algorithms can potentially start covering immediately and distribute that buying across several hours.
Same thing if a fund is heavily long and bad news hits.
That could make the market harder to squeeze and harder to catch badly positioned institutions completely trapped.
It could also hurt certain types of discretionary day traders. A lot of opening momentum, gap trading, opening-range breakouts and squeeze setups exist because so much information and order flow gets compressed into a few extremely active periods. If price discovery becomes more continuous, some of those explosive moves could become slower, more orderly moves instead.
The close is probably different because the official closing price still matters enormously for indexes, funds, benchmarks and portfolio valuation. But psychologically, even “the close” starts meaning something different when everyone knows trading resumes an hour later and continues through most of the night.
There is also a potential darker side. A nearly always-open market means someone who illegally obtains material nonpublic information has more opportunity to act on it immediately instead of being blocked by the exchange being closed. Insider trading is obviously still illegal, and Nasdaq will have overnight surveillance, but the trading window itself is much larger.
To me, this feels like another step away from a market built around distinct sessions and toward one continuous algorithmic price-discovery system.
The underlying supply and demand is still real. Algorithms don’t get to decide NVDA is worth $180 if buyers are willing to pay $200.
But the machines increasingly control how that supply and demand gets expressed, how quickly imbalances get arbitraged away, how institutions manage risk, and how price travels from $180 to $200.
I think that could end up being a much bigger change than people realize.
Curious what everyone here thinks, especially anyone who trades NVDA intraday. Do you think 23-hour exchange trading makes the market more efficient, or just gives institutions even more ability to avoid getting trapped?

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