Dwight, I don't know how you read a tape, but I see buying at every level as they were dropping the bid. Here's the acutal tape from the time of news hitting the SI board.
FTEL - Transaction Log
4:27:56 10000 8 2.190 T 3:31:50 2500 8 2.313
4:27:45 2000 8 2.375 T 3:31:46 1000 8 2.188
3:58:14 1000 8 2.188 3:31:28 1000 8 2.250
3:56:33 2500 8 2.188 3:31:24 400 8 2.250
3:56:12 8 2.094 - 188 5x5 3:31:21 8 2.125 - 250 5x5
3:49:57 1000 8 2.188 3:31:10 1000 8 2.188
3:48:31 100 8 2.063 3:30:47 2000 8 2.250
3:44:44 300 8 2.063 3:30:43 2000 8 2.250
3:38:36 10000 8 2.190 3:30:11 1000 8 2.313
3:38:18 1000 8 2.406 3:30:07 1800 8 2.375
3:35:33 6000 8 2.125 3:30:03 4000 8 2.250
3:34:46 1000 8 2.125 3:29:53 1000 8 2.188
3:34:35 8 2.063 - 188 5x5 3:29:31 3300 8 2.188
3:33:56 8 2.125 - 188 5x5 3:29:27 8 2.188 - 250 5x5
3:33:48 2500 8 2.188 3:29:17 2000 8 2.313
3:33:45 2500 8 2.125 3:29:13 1500 8 2.375
3:33:30 2500 8 2.125 3:29:09 500 8 2.375
3:33:27 8 2.125 - 250 5x5 3:28:30 4000 8 2.313
3:33:23 2000 8 2.188 3:28:23 8 2.188 - 313 5x5
3:32:44 8 2.188 - 250 5x5 3:28:08 8 .000 - 000 5x5
3:32:18 1000 8 2.313 3:27:39 8 2.313 - 438 5x5
3:27:36 1700 8 2.313 2:36:30 2000 8 2.375
3:27:36 8 2.313 - 500 5x5 2:35:58 4500 8 2.438
3:26:02 5000 8 2.438 2:34:31 8 2.375 - 438 5x5
3:25:37 1500 8 2.375 2:17:49 500 8 2.438
3:24:14 3500 8 2.406 2:10:27 1000 8 2.313
3:12:32 8 2.406 - 500 5x5 2:03:54 200 8 2.438
3:12:14 5000 8 2.438 1:52:26 1000 8 2.313
3:11:56 8 2.375 - 500 5x5 1:38:45 2500 8 2.375
3:11:52 1500 8 2.438 1:24:25 2000 8 2.313
3:10:40 1000 8 2.438 1:04:15 1500 8 2.375
3:06:50 8 2.375 - 438 5x5 1:03:28 1500 8 2.375
3:01:26 8 2.406 - 438 5x5 1:02:31 8 2.313 - 438 5x5
2:59:27 5000 8 2.375 1:02:20 1000 8 2.375
2:59:27 1000 8 2.375 1:01:58 1000 8 2.375
2:59:05 5000 8 2.438 1:01:40 1500 8 2.375
2:58:33 1000 8 2.375 1:01:19 1000 8 2.375
2:55:04 500 8 2.438 12:59:27 2000 8 2.375
2:46:38 400 8 2.438 12:51:14 800 8 2.375
2:43:31 500 8 2.375 12:24:26 200 8 2.438 Z
2:39:48 3000 8 2.375 12:20:18 1000 8 2.375
2:38:36 5000 8 2.438 12:14:35 1000 8 2.438
The action started at 2:34 with the posting of the news, from that time till the last tick, we had 43,400 shares of buyside action, and 30,300 of selling, with about 5000 questionable on the sell side but I gave it the benefit of the doubt. But it clear that as the buying was coming in, they dropped away the bid in the face of the buying. That's MM manipultaion to shake you out. The true market from the tapes action should really be 2.38 x 2.50, minimum.
Watch , on any buying they will quickly elevate the trades up to fill in the gap that they created coming down. They played off the Dow Jones headling of .14 loss vs. .02, watch them come back once the news is disseminated.
RB |
