Monday, January 09, 2017 9:13:29 AM
Buy:sell, daily shorts & pps 01/06 2017 EOD
Everything could be an effect of this being Friday. Ignoring that, nothing suggests a positive bias here, other than the presence of the bid walkers again. If they are a consistent presence now it will be hard to get a strong bearish move.
Having said that, I don't count on them being a constant presence and consider consolidation with a negative bias most likely for now. First pause could be $0.73ish and if s reversal doesn't occur there than $0.66 seems likely to get challenged again.
The day opened at $0.75 and immediately began very low/no-volume $0.74/6, with 10:05's 9K $0.76 interrupting volume, through 10:58. Then the bid walkers appeared and began doing what we had seen before - walking the bids up without generating any volume. They got the lows up to $0.7523 by 11:14. Well, that must have been good enough for a while as trade went extremely low/no-volume, with the typical infrequent one-minute volume interruptions, $0.7540/$0.76 through 13:22. Then, as seen before, the bids were reset lower and trading began extremely low/no-volume $0.7502/$0.7560, the bids were walked up but met offers coming lower that restrained them, and that ended that flat period at 14:09. Range stepped up to do extremely low/no-volume $0.7589/$0.76 through 15:58 and then 15:59 bombed down to as low as $0.7500 with no closing MM trade to end the day with a close at $0.75, down 1.33%.
I should point out that this same bid walking behavior was a repeat of that recently seen just a few days ago and the behavior observed shortly after $CPST broke below $1.00 back on 10/28. I don't recall how long after ... Wait! I can grep for it. Well, I kept a cleaner house than normal so the earliest one still on my computer posts was 12/21. Maybe that was the first time - my memory isn't always spot-on.
There were no pre-market trades.
B/a just before open was 1K:37 $0.74/$0.80.
09:30-10:05 opened the day with a 1,089 sell for $0.75 & $0.75 x 500, $0.7745 x 20. B/a went to 900:1.4K $0.75/$0.7745. Then came 9:35's b/a 1.5K:1.4K $0.75/$0.7745, 9:39's b/a 900:1.5K $0.7500/99, 9:40's 1.8K $0.7500/1 (1.6K/00), 9:41's 100 $0.75, 9:42's b/a 700:1.5K $0.7500/99, 9:43's 700 $0.75, 9:44's 200 $0.7599/$0.7400, 9:51's 1.4K $0.75 (1K)/$0.7483/01, 9:55's 100 $0.76, 9:55's b/a 20:400 $0.7418/$0.7600 (bid backed by presented 200 $0.7401, 1.5K $0.74), 9:57's 200 $0.76, 10:00's 100 $0.76, 10:02's 340 $0.7594/$0.76, 10:03's 200 $0.7401.$0.76, 10:03's b/a 40:400 $0.7418/$0.76, 10:05's b/a 600:400 $0.7419/$0.76, and the period ended on 10:05's 9K $0.76.
10:06-10:58 began with 10:06's b/a at 600:400 $0.7420/$0.76. Then extremely low/no-volume $0.7421/$0.76, with slowly rising lows, began with 10:06's 100 $0.76, 10:09's 650 $0.7599 and 10:10's 100 $0.7421. B/a at 10:11 was 400:500 $0.7421/$0.76, 10:17 300:400 $0.7421/$0.76, 10:28 600:300 $0.7424/$0.76, 10:32 400:300 $0.7424/$0.76. Volume was interrupted by 10:34's 2.5K (Yep!) $0.7479/$0.76. B/a at 10:37 was 600:400 $0.7426/$0.76, 10:47 400:695 $0.7426/$0.76. The period ended on 10:58's 300 $0.745.
The "bid walkers" appeared moving bid up faster than I can type. Interestingly, offers also started falling as trades started appearing again. "Bid walking" finally stopped when it neared the limit set by the falling offers. At 11:33 b/a was 1K:443 $0.7598/$0.76.
NOTE! Serious buyers? Nope. Once the b/a was $0.7599/$0.76 (11:25 beginning period), they didn't buy. It looked, from volume, b/a and trades, like they were forcing anyone that wanted to buy, even MMs which do 100 shares a pop to generate appearance of activity, to hit the offer. So who or what is sitting on an offer 1/100th of a penny up from the bid that won't sell for 1/100Th of a penny less? Only the shadow knows.
In fact, almost no trading until, apparently, the set-up was completed and 11:53 did 18.4K for $0.7599/$0.76. The bid walkers were still in, but were restrained by the falling offers.
10:59-11:24 began an extremely low/no-volume rise of the lows as the "bid walkers" did their magic. Trading got going with 9:59's 25 odd-lot $0.7452, hit 11:01's 125 $0.75, 11:02's 1.8K $0.7502/$0.76. Then just the lows rose, hitting 11:10's 100 $0.7535, 11:15's 100 $0.7565, and 11:24's $0.7565/$0.76 ended the period.
11:25-12:32 began extremely low/no-volume $0.7598/$0.76 on 11:30's 309 $0.76. B/a at 11:47 was 1K:100 $0.7598/99, 11:52 1.1K:300 $0.7599/$0.76. Volume was interrupted by 11:53's 18.4K $0.7599/$0.76 and 11:54's 4.2K $0.7599. B/a at 11:59 was 800:600 $0.7599/$0.76.
The bids reset and at 12:13 b/a was 1.5K:600 $0.7565/$0.7600 and bids began walking up again, replicating behavior we'd seen when it happened after $CPST broke below $1. B/a at 12:17 was 2.2K:500 $0.7541/$0.76. Volume was interrupted again by 12:18's 11K $0.7544/1/2/4. B/a at 12:22 was 2K:500 $0.7558/$0.76, 12:29 900:500 $0.7544/$0.76, 12:32 900:600 $0.7544/$0.76. The period ended on 12:32's 100 $0.76.
12:33-13:22, after eleven no-trades minutes, began extremely low/no-volume $0.7566/73 on 12:43's 100 $0.7566. B/a at 12:48 was 1.5K:200 $0.7569/73, 13:02 2K:200 $0.7541/73. Volume was interrupted by 13:14's 6.8K $0.7565/42/64/41/65/42/41/64/41/40/73. 13:18 2.9K:200 $0.7506/73. The period ended on 13:22's 200 $0.7573.
13:23-14:09, after three no-trades minutes, began a very low/no-volume $0.7502/60, with lows falling and rising as the "bid walkers" did their thing, on 13:25's 4K $0.7509. B/a at 13:27 was 500:200 $0.7505/73, 13:29 800:200 $0.7509/73, 13:32 3K:5.7K $0.7506/60 (bids still getting rattled and walked), 13:45 700:2.2K $0.7502/60, 14:02 200:1.8K $0.7513/60. The period ended on 14:09's$0.7560.
14:10-15:58 began extremely low/no-volume $0.7589/$0.76 (mostly $0.7599/$0.76) on 14:14's 105 $0.76. B/a at 14:22 was 700:200 $0.7562/$0.7600, 14:32 2.3K:200 $0.7592/$0.76, 14:36 1.8K:200 $0.7599/$0.76, 14:47 1.6K:500 $0.7599/$0.76, 15:03 1K:200 $0.7592/96. Volume was interrupted by 15:04's 12.7K $0.7599/$0.76/$0.7592/89. B/a at 15:36 was 1K:100 $0.7593/6, 15:48 400:365 $0.7599/$0.76. The period ended on 15:58's 423 $0.7591.
15:59-15:59 just gave us a dump on 10.3K $0.7591/90/60/01/00/01/02/ ... $0.76/$0.7501/02/00/01/ ... 00 to end the period and day, with no closing MM trade on 15:59's last trade of 27 (and 200 before that one) for $0.75.
There were no AH trades.
Excluding the opening and closing trades (didn't qualify), there were 4 larger trades (>=5a & 1 4K+) totaling 24,699, 20.27% of day's volume, with a $0.7578 VWAP. The trade volume was very low so the count seems reasonable. The percentage is a bit low but that could be because the MMs had to break up more orders than normal into pieces with such low volume. Even considering that, my look at the intra-day trades and EOD time and sales data suggests there wouldn't have been a great quantity more than we see now.
MMs have to "work harder" (can bots due such a thing?) when volume is quite low, especially when they are "walking bids" up, and today also walking offers lower later in the day, and these two activities suggest they "struggled" to get some fills accomplished at the customers' desired prices.
Who are the customers? No way to know. As before, based on the recent short-interest reports, we could guess that shorters are trying to do covering buys and/or MMs are moving their positions to market neutral from a short-term long/short position, either pre-existing or as a result of intra-day action today. This could explain the walking of bids and offers today - recall that MMs are permitted to participate on both sides of the market simultaneously with no requirement to maintain a portfolio of the equities they are dealing and naked shorting is permitted!
Could be a "Friday Effect" but for the presence of the bid walkers. However the volume could still be an effect of Friday. Recall that low volume and flat range are often seen on Friday's.
On the traditional TA front, movements were:
On my minimal chart yesterday I noted { ... third day in this move higher ... first to close lower than it opened and initiated declining volume. ... got a higher open and high but ... a lower low (higher if we use the official low) and close. ... early signs of the possible beginning of a roll over. ... it's also an early sign that we might be "taking a breather" before continuing the trend or just entering a sideways consolidation. }
Today is still too early to assess which near-term outcome is developing. It does tell us that one of the likely ones seems to be developing though. That makes the near-term task one of patience and determination of which trend is coming. If it weren't Friday we could make an early guess that ~$0.73 would be the first pause, and potential first bottom of a consolidation range. I say "first bottom" because that pause could produce a faux reversal and then proceed lower to the real bottom, assuming my SWAGS are in the ballpark.
The fast EMA flattened out today and makes my prediction it wouldn't cross above the slow EMA look likely to be correct, but it's still a bit early to declare victory. If price continues to $0.73 or lower on the close I'm home free on that prediction ... until the next time anyway.
The experimental 13-period Bollinger limits are still converging. It looks like the limits will stop converging toward the center at roughly the same rate with the upper limit moving towards the center at a higher rate than the lower limit. This will get the mid-point dropping again. Our trading range today dropped a bit to trade below that mid-point. It's also now wrapped around the descending fast EMA vs. yesterday's slow EMA. More near-term weakness is likely.
On my one-year chart all the SMAs continue to decline. If our price stays in this range the 10-day will continue declining 3 more days, the 20-day for 12 more days, the 50-day again 42 days, and the 200 day essentially continuously (but visually guesstimating ~180 days) for now.
Yesterday the oscillators I watch had weakening in RSI, momentum, and accumulation/distribution. Those items were below neutral. Improvement was seen in MFI (untrusted by me), which exited oversold (barely), Williams %R (was just above neutral), full stochastic (was nearing overbought), and ADX-related (was nearing a neutral stance).
Today marginal weakening occurred in RSI, momentum, and ADX-related. Improvement occurred in MFI (marginal & untrusted by me), Williams %R, and full stochastic (marginal). Accumulation/distribution was flat.
The experimental 13-period Bollinger limits, $0.6964 and $0.8030 ($0.6913 and $0.8178 yesterday), continue converging with the upper limit moving towards the center more quickly than the lower limit. This is dropping the mid-point.
All in, the mixed nature of the oscillators combined with the very low volume suggests consolidation entry is occurring. This is bolstered by the intra-day breakdown. However it should be noted that this could be due to a "Friday effect", which could result in misleading signals.
Percentages for daily short sales and buys moved in the same direction, a normal situation, and both are below desired ranges needed to suggest near-term price appreciation.
The spread contracted substantially and is now strongly suggesting consolidation entry. However, if this begins with a leg lower, as I expect, we should see it widen again, but not severely.
The VWAP's last twenty-four readings deteriorated to 15 negatives and 9 positives from 14 and 10 respectively. Change since 12/01 is -$0.1462, -16.20%, and the averages of the rolling 24-day period seen in the last few days (latest first) are now -0.6975%, -0.5381%, -0.7327%, -1.0983%, -0.9164%, 0.8671%, -0.7967%, -0.7936%, and -0.8037%.
All in, now near-term strength is suggested. Nothing strongly negative either leads me to think consolidation with a bearish bias.
Bill
Everything could be an effect of this being Friday. Ignoring that, nothing suggests a positive bias here, other than the presence of the bid walkers again. If they are a consistent presence now it will be hard to get a strong bearish move.
Having said that, I don't count on them being a constant presence and consider consolidation with a negative bias most likely for now. First pause could be $0.73ish and if s reversal doesn't occur there than $0.66 seems likely to get challenged again.
The day opened at $0.75 and immediately began very low/no-volume $0.74/6, with 10:05's 9K $0.76 interrupting volume, through 10:58. Then the bid walkers appeared and began doing what we had seen before - walking the bids up without generating any volume. They got the lows up to $0.7523 by 11:14. Well, that must have been good enough for a while as trade went extremely low/no-volume, with the typical infrequent one-minute volume interruptions, $0.7540/$0.76 through 13:22. Then, as seen before, the bids were reset lower and trading began extremely low/no-volume $0.7502/$0.7560, the bids were walked up but met offers coming lower that restrained them, and that ended that flat period at 14:09. Range stepped up to do extremely low/no-volume $0.7589/$0.76 through 15:58 and then 15:59 bombed down to as low as $0.7500 with no closing MM trade to end the day with a close at $0.75, down 1.33%.
I should point out that this same bid walking behavior was a repeat of that recently seen just a few days ago and the behavior observed shortly after $CPST broke below $1.00 back on 10/28. I don't recall how long after ... Wait! I can grep for it. Well, I kept a cleaner house than normal so the earliest one still on my computer posts was 12/21. Maybe that was the first time - my memory isn't always spot-on.
There were no pre-market trades.
B/a just before open was 1K:37 $0.74/$0.80.
09:30-10:05 opened the day with a 1,089 sell for $0.75 & $0.75 x 500, $0.7745 x 20. B/a went to 900:1.4K $0.75/$0.7745. Then came 9:35's b/a 1.5K:1.4K $0.75/$0.7745, 9:39's b/a 900:1.5K $0.7500/99, 9:40's 1.8K $0.7500/1 (1.6K/00), 9:41's 100 $0.75, 9:42's b/a 700:1.5K $0.7500/99, 9:43's 700 $0.75, 9:44's 200 $0.7599/$0.7400, 9:51's 1.4K $0.75 (1K)/$0.7483/01, 9:55's 100 $0.76, 9:55's b/a 20:400 $0.7418/$0.7600 (bid backed by presented 200 $0.7401, 1.5K $0.74), 9:57's 200 $0.76, 10:00's 100 $0.76, 10:02's 340 $0.7594/$0.76, 10:03's 200 $0.7401.$0.76, 10:03's b/a 40:400 $0.7418/$0.76, 10:05's b/a 600:400 $0.7419/$0.76, and the period ended on 10:05's 9K $0.76.
10:06-10:58 began with 10:06's b/a at 600:400 $0.7420/$0.76. Then extremely low/no-volume $0.7421/$0.76, with slowly rising lows, began with 10:06's 100 $0.76, 10:09's 650 $0.7599 and 10:10's 100 $0.7421. B/a at 10:11 was 400:500 $0.7421/$0.76, 10:17 300:400 $0.7421/$0.76, 10:28 600:300 $0.7424/$0.76, 10:32 400:300 $0.7424/$0.76. Volume was interrupted by 10:34's 2.5K (Yep!) $0.7479/$0.76. B/a at 10:37 was 600:400 $0.7426/$0.76, 10:47 400:695 $0.7426/$0.76. The period ended on 10:58's 300 $0.745.
The "bid walkers" appeared moving bid up faster than I can type. Interestingly, offers also started falling as trades started appearing again. "Bid walking" finally stopped when it neared the limit set by the falling offers. At 11:33 b/a was 1K:443 $0.7598/$0.76.
NOTE! Serious buyers? Nope. Once the b/a was $0.7599/$0.76 (11:25 beginning period), they didn't buy. It looked, from volume, b/a and trades, like they were forcing anyone that wanted to buy, even MMs which do 100 shares a pop to generate appearance of activity, to hit the offer. So who or what is sitting on an offer 1/100th of a penny up from the bid that won't sell for 1/100Th of a penny less? Only the shadow knows.
In fact, almost no trading until, apparently, the set-up was completed and 11:53 did 18.4K for $0.7599/$0.76. The bid walkers were still in, but were restrained by the falling offers.
10:59-11:24 began an extremely low/no-volume rise of the lows as the "bid walkers" did their magic. Trading got going with 9:59's 25 odd-lot $0.7452, hit 11:01's 125 $0.75, 11:02's 1.8K $0.7502/$0.76. Then just the lows rose, hitting 11:10's 100 $0.7535, 11:15's 100 $0.7565, and 11:24's $0.7565/$0.76 ended the period.
11:25-12:32 began extremely low/no-volume $0.7598/$0.76 on 11:30's 309 $0.76. B/a at 11:47 was 1K:100 $0.7598/99, 11:52 1.1K:300 $0.7599/$0.76. Volume was interrupted by 11:53's 18.4K $0.7599/$0.76 and 11:54's 4.2K $0.7599. B/a at 11:59 was 800:600 $0.7599/$0.76.
The bids reset and at 12:13 b/a was 1.5K:600 $0.7565/$0.7600 and bids began walking up again, replicating behavior we'd seen when it happened after $CPST broke below $1. B/a at 12:17 was 2.2K:500 $0.7541/$0.76. Volume was interrupted again by 12:18's 11K $0.7544/1/2/4. B/a at 12:22 was 2K:500 $0.7558/$0.76, 12:29 900:500 $0.7544/$0.76, 12:32 900:600 $0.7544/$0.76. The period ended on 12:32's 100 $0.76.
12:33-13:22, after eleven no-trades minutes, began extremely low/no-volume $0.7566/73 on 12:43's 100 $0.7566. B/a at 12:48 was 1.5K:200 $0.7569/73, 13:02 2K:200 $0.7541/73. Volume was interrupted by 13:14's 6.8K $0.7565/42/64/41/65/42/41/64/41/40/73. 13:18 2.9K:200 $0.7506/73. The period ended on 13:22's 200 $0.7573.
13:23-14:09, after three no-trades minutes, began a very low/no-volume $0.7502/60, with lows falling and rising as the "bid walkers" did their thing, on 13:25's 4K $0.7509. B/a at 13:27 was 500:200 $0.7505/73, 13:29 800:200 $0.7509/73, 13:32 3K:5.7K $0.7506/60 (bids still getting rattled and walked), 13:45 700:2.2K $0.7502/60, 14:02 200:1.8K $0.7513/60. The period ended on 14:09's$0.7560.
14:10-15:58 began extremely low/no-volume $0.7589/$0.76 (mostly $0.7599/$0.76) on 14:14's 105 $0.76. B/a at 14:22 was 700:200 $0.7562/$0.7600, 14:32 2.3K:200 $0.7592/$0.76, 14:36 1.8K:200 $0.7599/$0.76, 14:47 1.6K:500 $0.7599/$0.76, 15:03 1K:200 $0.7592/96. Volume was interrupted by 15:04's 12.7K $0.7599/$0.76/$0.7592/89. B/a at 15:36 was 1K:100 $0.7593/6, 15:48 400:365 $0.7599/$0.76. The period ended on 15:58's 423 $0.7591.
15:59-15:59 just gave us a dump on 10.3K $0.7591/90/60/01/00/01/02/ ... $0.76/$0.7501/02/00/01/ ... 00 to end the period and day, with no closing MM trade on 15:59's last trade of 27 (and 200 before that one) for $0.75.
There were no AH trades.
Excluding the opening and closing trades (didn't qualify), there were 4 larger trades (>=5a & 1 4K+) totaling 24,699, 20.27% of day's volume, with a $0.7578 VWAP. The trade volume was very low so the count seems reasonable. The percentage is a bit low but that could be because the MMs had to break up more orders than normal into pieces with such low volume. Even considering that, my look at the intra-day trades and EOD time and sales data suggests there wouldn't have been a great quantity more than we see now.
MMs have to "work harder" (can bots due such a thing?) when volume is quite low, especially when they are "walking bids" up, and today also walking offers lower later in the day, and these two activities suggest they "struggled" to get some fills accomplished at the customers' desired prices.
Who are the customers? No way to know. As before, based on the recent short-interest reports, we could guess that shorters are trying to do covering buys and/or MMs are moving their positions to market neutral from a short-term long/short position, either pre-existing or as a result of intra-day action today. This could explain the walking of bids and offers today - recall that MMs are permitted to participate on both sides of the market simultaneously with no requirement to maintain a portfolio of the equities they are dealing and naked shorting is permitted!
Look at the VWAP - can you say "tight range"? Notice also the buy percentages' common early strength followed by general degradation as the day progressed.Ending Period Period Period __Per. Trade_ Period_ % Day_ Per. End
Period Volume Low High _Dollar Val._ VWAP___ Volume Buy ~%
10:05 15529 $0.7400 $0.7600 $11,739.91 $0.7560 12.74% 62.56% Incl 10:05 $0.7600 8,800
10:58 4756 $0.7421 $0.7600 $3,567.61 $0.7501 3.90% 54.74%
11:24 4918 $0.7500 $0.7600 $3,717.84 $0.7560 4.04% 53.09%
12:32 36964 $0.7541 $0.7600 $28,024.03 $0.7581 30.33% 44.01% Incl 12:18 $0.7541 6,600
13:22 11100 $0.7540 $0.7573 $8,395.31 $0.7563 9.11% 49.13% Incl 13:14 $0.7564 4,300
14:09 14800 $0.7502 $0.7560 $11,136.38 $0.7525 12.15% 45.78%
15:58 21730 $0.7589 $0.7600 $16,508.45 $0.7597 17.83% 49.14% Incl 15:04 $0.7599 4,999
15:59 9891 $0.7500 $0.7600 $7,445.88 $0.7528 8.12% 45.96%
Could be a "Friday Effect" but for the presence of the bid walkers. However the volume could still be an effect of Friday. Recall that low volume and flat range are often seen on Friday's.
On the traditional TA front, movements were:
Everything but the low and volume tells the story, I think, and those two exceptions provide the clue as to going forward I think. We will likely be entering short-term consolidation with one of two potential near-term lower ranges. The nearest likely range low is $0.73 and the other is $0.66 if we do a 100% re-trace. I consider that less likely so far, especially if the "bid walkers" continue to appear.__Open_ ___Low_ __High_ _Close_ Volume_
Today -2.60% 2.78% -5.00% -1.33% -47.69%
Prior 4.05% -2.70% 2.56% -1.29% -29.37%
On my minimal chart yesterday I noted { ... third day in this move higher ... first to close lower than it opened and initiated declining volume. ... got a higher open and high but ... a lower low (higher if we use the official low) and close. ... early signs of the possible beginning of a roll over. ... it's also an early sign that we might be "taking a breather" before continuing the trend or just entering a sideways consolidation. }
Today is still too early to assess which near-term outcome is developing. It does tell us that one of the likely ones seems to be developing though. That makes the near-term task one of patience and determination of which trend is coming. If it weren't Friday we could make an early guess that ~$0.73 would be the first pause, and potential first bottom of a consolidation range. I say "first bottom" because that pause could produce a faux reversal and then proceed lower to the real bottom, assuming my SWAGS are in the ballpark.
The fast EMA flattened out today and makes my prediction it wouldn't cross above the slow EMA look likely to be correct, but it's still a bit early to declare victory. If price continues to $0.73 or lower on the close I'm home free on that prediction ... until the next time anyway.
The experimental 13-period Bollinger limits are still converging. It looks like the limits will stop converging toward the center at roughly the same rate with the upper limit moving towards the center at a higher rate than the lower limit. This will get the mid-point dropping again. Our trading range today dropped a bit to trade below that mid-point. It's also now wrapped around the descending fast EMA vs. yesterday's slow EMA. More near-term weakness is likely.
On my one-year chart all the SMAs continue to decline. If our price stays in this range the 10-day will continue declining 3 more days, the 20-day for 12 more days, the 50-day again 42 days, and the 200 day essentially continuously (but visually guesstimating ~180 days) for now.
Yesterday the oscillators I watch had weakening in RSI, momentum, and accumulation/distribution. Those items were below neutral. Improvement was seen in MFI (untrusted by me), which exited oversold (barely), Williams %R (was just above neutral), full stochastic (was nearing overbought), and ADX-related (was nearing a neutral stance).
Today marginal weakening occurred in RSI, momentum, and ADX-related. Improvement occurred in MFI (marginal & untrusted by me), Williams %R, and full stochastic (marginal). Accumulation/distribution was flat.
The experimental 13-period Bollinger limits, $0.6964 and $0.8030 ($0.6913 and $0.8178 yesterday), continue converging with the upper limit moving towards the center more quickly than the lower limit. This is dropping the mid-point.
All in, the mixed nature of the oscillators combined with the very low volume suggests consolidation entry is occurring. This is bolstered by the intra-day breakdown. However it should be noted that this could be due to a "Friday effect", which could result in misleading signals.
Percentages for daily short sales and buys moved in the same direction, a normal situation, and both are below desired ranges needed to suggest near-term price appreciation.
The spread contracted substantially and is now strongly suggesting consolidation entry. However, if this begins with a leg lower, as I expect, we should see it widen again, but not severely.
The VWAP's last twenty-four readings deteriorated to 15 negatives and 9 positives from 14 and 10 respectively. Change since 12/01 is -$0.1462, -16.20%, and the averages of the rolling 24-day period seen in the last few days (latest first) are now -0.6975%, -0.5381%, -0.7327%, -1.0983%, -0.9164%, 0.8671%, -0.7967%, -0.7936%, and -0.8037%.
All in, now near-term strength is suggested. Nothing strongly negative either leads me to think consolidation with a bearish bias.
Bill
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