Again, my thoughts exactly. It's GOT to be a sucker's rally. If not, it's the biggest inside leak ever. I can't remember this many days in a row with this kind of sustained volume.
Almost all of the 10,000+ share blocks up until it crossed 10 1/2 this morning appeared to be on the sell side. The upside seemed "bursty" today, with periodic floods of trading-size blocks at the ask providing each of the small run-ups. In the midst of each run-up, though, there would inevitably be a 10 or 25K block running against the grain. Later in the day, the 10-25K blocks seemed to be going WITH the grain, along with some real biggies. I did, however, notice that in the flurry touched off at 11, there were two very large blocks at 10 15/16 and 10 31/32. I believe at the time the bid was 10 15/16 ask 11, but things were moving so fast it's hard to tell exactly. There's always the possibility that it was a buy or buys at the bid, as you mentioned. Either way, the Intel pre-announce will kill any and all short-term rallies for a while, including this one, IMO.
Rich |
