Erik, there's no way that all of today's buying was index fund buying. Judging from the excitement on this board and Yahoo last night, literally thousands of hearts were beating faster today, buying stock as fast as their pudgy fingers could dial their brokers. New bulls, stop buys, short covering, "regular" mutual fund buyng, index fund buying - all that and more was present today. I'd like to see several more days of above average volume on the upside to seal the deal but I don't know for sure what the stock will do tomorrow. No one does. I do know that it's clear that today was a breakout day and a new floor has been established.
When one considers that index funds are REQUIRED to take 37 million NXTL shares out of the float, it doesn't take a genius to see what that does to equilibrium. Whether they got them all today or not (I don't think that they did), the shares are as surely out of the float as the shares owned by Craig McCaw and MOT. ADVANTAGE NEXTEL SHAREHOLDERS.
Arnie |
