Steve
I assume that since you quoted the US$ price that you are looking at the NYSE chart. I live in Canada (where the stock price is about $30 CDN), so I follow the stock on the Toronto Stock Exchange.
If you look at the TSE chart for UDI, you'll see that it traded around 800,000 shares on Friday (up $1.25 CDN), and today it traded close to 600,000 shares (up $1.45 CDN). By comparison it traded about 72,600 shares on the NYSE today.
UDI has been in business in Canadian's for a long time, and recently the company promoted a large underwriting to the New York crowd. As a result, the stock is now held by Canadian and American institutions alike. So, if you look back at the charts, you'll see some days where it traded a few hundred thousand shares on the NYSE and didn't trade many on the TSE (the opposite of what happened over the last few days).
Its not clear to me weather the price is being set on the NYSE or on the TSE - maybe neither market is dominant. I wish there was a way to get a combined chart which shows the total volume from both markets, cause otherwise is difficult to get a good handle on the technical picture. For instance, by looking at the TSE chart its obvious that there is some decent volume behind the current price runup, whereas the NYSE chart shows some buying in the past few months, but none recently.
I bought some of this at $33 CDN [too soon after their underwriting :-( ], and picked up a few more at $27, so with the price at $30, I have now a small profit :-)
I hope that you are making some money on this one too - hopefully your timing was a better than mine.
Regards,
John Sladek |
