Originally Posted by
SparkyTheClown
The old adage is "amateurs trade in the morning, pros trade in the afternoon", which is because the impetuous and those responding to the daily news ring up their brokers to get in on the action ASAP. Wiser heads sometimes wait until the afternoon, as the buying rush might drop off quickly and the price come back down to potentially lower levels.
As for the end of day trades, these are called "crossings" (at least to some). They are often, but not always, institutional trades privately agreed to. They like this because it provides in their view, more transparent pricing.