a small paint EOD
Well, for us, not a small paint. Oddities were enough to make me wonder if the margin calls caused by the BREXIT vote I heard about on CNBC were at play here too. Per the boob-tube chatter a lot of funds were on the wrong side of the outcome and the huge[ fall in the British Pound forced selling of other assets to cover positions taken on margin.
We'll never know.
Both the opening trade, 10,646 @ $1.38, and closing trade, 54,942 @ $1.40, were much larger than what has been recently seen.
The close was a "buy" too.
But like you, I "gotta wonder".
It was an unusual day all around. Notice the number and % of day's volume by larger trades.
Including the opening trade (closing didn't qualify), there were 24 larger trades (>=5K & 3 4K+) totaling 399,665, 61.52% of day's volume, with a $1.3660 VWAP. Excluding the opening and closing trades, there were 22 larger trades totaling 334,077, 51.42% of day's volume, with a $1.3599 VWAP.
Both VWAP's were below the day's overall $1.3665.
In my EOD post you'll also see quite a few much larger than normal "larger" trades".
Buy % was abysmal throughout the day even though bid/ask quantities were very often way out of balance to the buy side, as high as 7xK to a few K at times. Even so, hitting the bids or trades slightly below b/a mid-range was the M.O. most of the day.
This resulted in today's VWAP being $1.3665 vs. yesterday's $1.4059.
Also interesting is that our range exactly[ filled the space between the minimal chart's known strong support at $1.34 (horizontal blue line)and the descending short-term resistance (falling green line) and touched both and ended the day at the resistance.
Volume was ~5x yesterday's.
All the usual EOD detail should be up in a couple hours if interested.
Bill
AI
