New Economy,
To me, a number of large-sized crosses would seem to indicate that the prevailing psychology or perception of the issues' direction is ambivalent, and maybe at a turning point. Either the brokerage
firm(s) in question:
a) crossed the sell/buy internally (a "principal cross");
b) crossed the sell or buy with stock from another brokerage (a "riskless principal transaction") or,
c) crossed the sell or buy with a customer order on the other side ("agency cross").
To me, Choices B or C are generally insignificant. Brokerage firm has a natural match, crosses it, writes the ticket, and punches it. Next?
Choice A, is more significant, as the brokerage firm has decided to put its' own capital into the mix. The perception I'd get from this is that, if the brokerage firm (theoretically a savvier buyer) was a buyer, it might be bullish, and if a seller, bearish. This of course, in theory, and not knowing the nuances of Canadian securities rules. Also bearing in mind that whether a transaction is principally or agency-based - let alone riskless or risk(y?) - is virtually impossible.
LPS5
This answer is academic, and does not purport to represent or otherwise predict the future price or general movement of any issue whatsoever. |
