Now that I am home and can look at a tick chart, I have to say that this is all a bunch of hooey.
1. There was no dip at the close. The spread widened at the very close, which is a normal thing.
2. There was no trade at 21 3/4. Period. The offer briefly touched 21 in the morning, but there were no trades at that price.
3. How the heck does anyone know whether a particular trade is short or not? Unless you are the specialist, YOU DON'T KNOW.
Large blocks were being offered all day. Mostly, they were just briefly "flashed", and the offer removed. They didn't step them down, though - they were waiting for the buyers to come to them.
I'm always curious what these are, (when they come and go like this) but I suppose I'll never know. (Perhaps option arbitrage situations - the arb opportunity goes away, so does the offer.) The longs didn't chase them, but at the close they took them. Probably a good sign.
I do believe that most of the block action today was at or just below the offer.
Technically, some good short-term support around 20, a nice high-volume base being put in. On the other hand, IOM is quite over-bought. It has turned down witin a couple of days every time it has reached an RSI reading this high in the past, and that doesn't encourage me for the next few days. I think that tomorrow is make it or break it, at least for the near-term. |
