Zeev, didn't you say something about a week ago during an upward move about it "feeling different"? Something to the effect that it was less erratic and more stable?
Subjectively speaking, block movement in the bios was very odd for a Friday. Institutions are usually gone for the weekend Friday afternoon but last week they hung around. If it wasn't the traditional instys it was some mighty big hedge funds covering.
Is this the reason the lid stayed on Biotech during the rally? A need for further consolidation of large positions?
Among stocks I watch closely, very strong end of day moves in BLUD and ALKS. BLUD sold hard and ALKS bought strong.
Checking block activity in other stocks:
CALP wild block trading, 43 block trades vs. 1-4 the rest of the week. The only news I could find was a personnel announcemnt on the ninth.
IDPH - the largest block of the week, 200,000 moved at 16:01 on Friday.
IMCL - went through a major adjustment on Thursday. A One million share block traded. Buffet said he was buying into this one earlier this year and it spiked. Guess he finally got his order in...
PRCS - blocks of 100,000 early in the week, two at 200,000 on Thursday and all week but a block of one million on Friday at an all time low (for blocks, that is). Capitulation on this one?
PDLI - blocks of over 100,000 after hours on Thursday and Friday. All time low on the stock.
VRTX - 100,000 at 16:02. The largest block of the week. Stock hit a double bottom this week also.
All of this is simply support for my "feeling" that things were "different" this Friday. I don't have enough experience to draw earth shaking conclusions from this feeling. I would like to see some traditional TA commentary on these stocks. I would like to know where these elephant tracks are leading.
