Take a look at the trade log...the volume was may have been weak in relation to previous days, but not viewed on it's own. The relatively "light" volume today allowed a good look at the action.
My totals are probably off a bit, but here they are...
Bid or below...284,200
Split..........40,700
Ask or above...424,800
Before 3:25 PM...
Bid or below...163,600
Split..........40,700
Ask or above...204,400
After 3:25 PM
Bid or below...120,600
Split..........0, just threw 'em to either side
Ask or above...220,400
Big Blocks...(over 5K)
Bid or below...70,000
Split..........15,000
Ask or above...100,400
Some observations...the ask took a drumming but held around 1:30. The bid took a similar hit between 2:30 - 3:00 with ~50K coming in at 1/16. In both cases the spread held. The run starting about 3:25 was an almost unchallenged assault on the ask, w/apparently enough supply to cover it. There were numerous minor efforts to sell on the bid, but by 3:45 or so, the action seemed to be pretty well mixed, w/volumes tapering off.
It kinda sounds like a battle, but that's the impression I get. Steady streams on either the bid or the ask, with buyers and sellers picking their time of action. The price and volume obviously went to the buyers today.
Overall, it's mildly exciting, but until the volumes return to 2+M, I wouldn't label this as having enough enthusiasm to return the momentum. Fast O's have turned back up on the charts, but only lightly on the low volume. Momo is neutral. Just have to wait until tomorrow to see if the same interest displayed today returns...:o) |
