Michael, I found out the following and make a tentative theory:
The biggest block today was 503,800, at 18 3/8. Within the following 60 seconds, another 250K, 100K, and 50K all went at 1/2 (probably the "other" side of the Nasdaq trade.)
Of the 7 biggest holders of DCTM, only Pilgrim Baxter, a big institutional player that is very heavy into momentum investing, sold some shares last quarter. My bet is that they saw the rest of the market continuing to take off, didn't want to miss the "wave," and dumped their shares today, several weeks before end of quarter.
They have to advertise on the trading floor for such large blocks to see if anyone has size to buy. Normal trading business. Guess the buyer of size showed up at 18 3/8. |
