Just an obsevation, but most of the trading on T&S shows transcation from BID to ASK, that is to say BUYING (and in decent blocks). Interestingly there are few shares showing on the bid and a mountain on the ASK several levels deep. If transactions are moving from Bid to Ask where are those purchases coming from?
The answer is the MM is not showing them (which he does not have to) while showing a ton on the Ask to create the impression there is selling pressure when the action is buying.
If this were a crappy deal and big investors wanted out then we would see the opposite...a move to create the "impression" of buying to get shares on the Bid and then action in the SELL direction.
I've found often the true market sentiment is opposite from what Level II portrays. I bought today, but too soon. I'll buy some more shortly. My guess is large folks want in but they want to keep the price down for now. Early trading is almost always retail enthusiasm while big money waits for a pullback. It may not happen today (the upside move), but likely will happen none the less. I would not be surprised with more downside short term but my gut says real sentiment is positive.
Good luck everyone.
