investors are burned out ...
Agree.
Another factor, maybe, is shorters holding price low so they can cover?
Yesterday the buy:sell was pretty good:
15:59: buy 54.08%, sell 39.21%, unk 6.71%
16:00: buy 58.04%, sell 35.82%, unk 6.13%
And yet we opened high and closed lower on weak volume.
Buy % above 50% usually gives some lift in a normal market. But in past cases where we saw this and price remained low we saw, generally, reduced semi-monthly short positions. This leads me to think shorters are also part of the equation: while retail/institutional investors are in "show me" mode and don't generate upward pressure the shorts can use very small volumes to move price lower and do covering buys.
MHO,
Bill
