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E., it does appear that selling patterns are breaking apart which may be good news. Today was a crappy day for a lot of techs, the selling came in a huge wave from 1pm to 3pm ET, but IOM actually moved up 1/8 to 20 3/4 but fell slightly prior to close. The specialists in IOM have been more responsive to selling, from what I see, giving IOM a loading factor. The NSDQ moved IOM on the upside more rapidly, NYSE is more cautious to the downside (i.e., IOM running up in spurts simply appears to be a catchup feature). NYSE also counts shares (buys/sells) differently than does the NSDQ. IOM can have 10 buys to 2 sells and move little to the upside. However, 10 sells to a buys moves the stock down more proportionately. Nevertheless, the total of buys and sells is reconciled eventually, thus giving IOM the rapid up movement. It's posible that the individuals that tried to time IOM this last time may miss the next upturn. The specialists and MMs often change their trading patterns on breakouts - just when you think you got them figured...stock has the appearance of MMs accumulating IOM. |
