Hello folks,
- Recap of yesterday 27 Jan trading: The high was 2.87 with most of the major (smart-money) activities until about 1:30pm. Then some dark force was moving in to bring the SP back down to a closed @ 2.68 (a drop of 0.19/2.87 = 6.6%). This was a nice opportunity to add a bit more, at least in my (gambling) opinion.
- So, I was ready to put more money on the table today, but unfortunately by the time I got back to the computer from a car appointment major actions have taken place and the SP has already gone up to 2.72 and then to the high of 2.79. A bit too late in my view for the day!
I am definitely not a technical analyst hence what I say here is just some observation from an amateur. Can't help but note that 76% percent (volume wise) took place during the first 15 minutes (smart-money moving in). Upward momentum continued until around 2:20pm when the SP reached the hi @ 2.79. From then on some dark force moved in to bring it down to the Lo of 2.72 (but at low volume, one chunk was at 1.4k shares = less than 0.5% of the total). A trade of 3.9k (1.3% of the total volume) brought the SP back up to 2.75.
I was watching all this from the sideline, and below is some general (and interesting)observation. Tech experts are welcome to chime in.
- The smart-money knows when to step in (76% bought low at the very beginning)
- It looks like they are sitting tight, no massive sell-off near the end of the session. I think they are not day-traders. They are long-term players and just waiting for better days (before the ice start to melt, or even later) to sell higher.
- There was some "profit taking" (or was it some manipulation to bring the SP down?). This was less than 1% near the end of the day. Practically speaking, this can be ignored.
- Some "smart-money?" decided to step in to bring the SP back up to 2.75, noting that it/they? was not in the 100-share lots...It was a sizable chunk, approximately around 4,000 shares...This is where the tech experts need to step in for a more detailed analysis.
Just some old-fashioned (macro economics) observations folks.
goldhunter
