I agree.
Look at intra-day charts for the past two days, there is something worth looking at. If you look at the general pattern for the day, you'll see the trading ranges were clipped on the bottom, so that the pattern is literally sawed off along the bottom for the majority of both days.
Computers !!!
This is BUYING pressure, as programs that "shop" locate available shares at a pre-set buy level, and automatically trigger when ANY shares become available. In effect, they get gobbled up before we can even get to them. RHIP, Rank Has It's Privelege, and in this case the computer trades see the availibility before us, and they fire off quicker than us. This is HEAVY buying, I mean REAL heavy buying, and VERY specific buying.
I guarantee you in a back room there is some bucked tooth, pencil toting, got a pocket protector in the top left, computer type of statistical genius nerd working this one out on his CRAY. In other words, PAYX is the target, the analysts and institutions are the hunters, and we're the fly on the hunter's butt. We get whatever he gets ... yes!!!
I rarely see it, but look at an chart intra-day for yesterday and early this morning combined on the same chart. You'll see the classic Bart Simpson Head formation typical of institutional pressure. Laugh, but take a look :o)
What a wonderful world it is, saw the block trades too, the computers are going to set the tempo, because at this point they are doing almost all of the trading. It's simply a matter of setting the levels the computers trade at, which could be done by someone or something. We're the winners either way, have a great weekend.
Regards, JB |
