Nice recovery at the close, huh? NOT!
The paint crew was on the job in the waning minutes of the session. If you have the ability to see today's action in 1- or 5-min bars, check 3:45-4:00. It's less obvious on yahoo and quote.com graphs, but it's there as well. There was a 200K block at 69 1/2 on the way up just after the bottom of the day of 69 1/16, and from that point it ran to the close above 70 rather quickly. Looks like Big Money came in to support just as it was about to totally collapse.
Guess what? That 200K was a sell! It looks like the bid/ask was 69 5/8 x 69 11/16 at the time, and the prices reported dropped immediately to 69 7/16 x 69 1/2. The final run past 70 was gaps and big bars of small trades, and not many of them at that.
The only thing I distrust today (there is always something, huh) is the prolonged straight-line decline. I like to see Slinky-like wave action that bounces off a trendline only a few times instead of hugging it within 1/4 point for hours.
The broad markets didn't close significantly below the open, which begins to validate yesterday's giant move up, which should encourage broad buying at the open tomorrow. A gap up and/or slow rise for MU early tomorrow on a scam upgrade or "positive comments" from you-know-who, if we see it at all, will be a box of juicy chocolates and a tearful make-up kiss for the MU bears. |
