"RE: big block buy at close" James, all afternoon it looked as if 45.00 would be the limit, as sellers lined up on the 45.00 ask with large blocks i.e. MASH had 50,000, several others had 20,000 to 30,000, all totaling 500,000 or more. I have never seen such a stand on this stock. All afternoon we ran up and down the 44's, always backing off at 44 15/16 to 45. Then in the closing 10 minutes, one market maker stepped up to the plate and wiped out the ASK in 10 seconds. I was blown away. I thought the stock would run away at this point, but amazingly it just drifted around 45 until the closing bell.
I don't know that short sellers took a big hit today: the sellers were not jumping inside the ASK as in recent weeks, they were content to let the buyers come to them at their price. In fact, it seemed to me that most of the action was from day traders. I am sure some investors jumped back on board (those who had sold prematurely during the last two days).
In terms of resistance, I'd have to think a chunk of that was wiped out during the last 10 minutes of trading.
Just my opinion. |
