gm, there was one 100k trade in the $24s, a 75K, couple of 50s, some 20Ks, all the rest were 10Ks on the sellside. this wouldn't indicate 'huge' institutional selling, but more likely hedge funds playing 'drop the kercheif and chase yer partner round and round till ya wear um out'. there was also significant buying on the block side of 54K, several 25Ks. fudge funds (hedgettes) think that IOM has a weak base (J. Steinberg is a good example of their attitude, know all, see all, believe in nothing cept yourself) and that was proved correct today. a little selling turned into a little more selling which became an avalanche as "everyone" (that is, the desks) are believing that earnings will be weak and KEs comments will be woe be gone mush.
so, our IOM is down several XXXXXX thousand today. what else is new? this one has been coming, although hated to face this music. but it's here. nonetheless, IOM will be higher at the end of the month. |
