Good, I am looking forward to your longer term experience following the tape action on some of these stocks like HWP.
Right now I see positive price action and a net accumulation by the big blocks with HWP once again. However, the overall volume is light. I suspect there will be periods of aberrations in the price actions of stocks during a market correction, particularly during the initial "bumps" where some are selling and others are waiting to see what happens next. I see that there was some large block money wanted to get out of HWP and took their opportunity yesterday during the market bounce which make sense. Now that an interim bottom has formed, some of the buyers are coming out back into view. It is a good sign that the sellers have held off and are waiting for the market to indicate its intentions before resuming their selling. Once the market settles a bit or market direction is determined, the more dominant buying and selling patterns will become more clear.
Today I see either light volume, or more of a mixed buying and selling activity with the stocks showing more action. Still, I think I am seeing a net selling by the large blocks with the more active stocks. I see for one stock, when the price starts moving up, I tend to see it reverse at the first sign of selling. For another stock, when the stock moves up in price, it encounters a series of large block selling. So I think we are dealing with a degree of "fear" and "apprehension" in the market mixed with some genuine selling. The stocks I checked are CPQ, TXN, HWP, MO, and T. Overall volume is comparatively light. By about 2:00 to 2:30 PM we should have a better idea of what the market is going to do, because I have been noticing that if there is going to be a change in character of the activity on a stock it happens by then. Also we may see more volume commitments by then which should be more revealing.
I just checked on the tape some of the stocks listed as the standouts for gainers including GE. These stocks appear to be going up under light volume. In the case of GE it was shoing some strength during lunchtim which is IMO not convincing.
Bob Graham |
