my opinion on volume:
first whenever pps drops people think it is a bargain (take this as face value and not in reference to owvi or current pps, as in not my opinion on what is a 'value' price for owvi in any way).
second it seems like someone wanted to sell. when there is no news and no pressure mms can take pps where they want to facilitate such sale. see some of my previous posts as for timing of selling and bid/ask. this is an example. we could very well see a correction back to the beginning of the week's spread once this transaction is done. its a game.
the issue is the same as before, we have no buying pressure. mms can see your order size. they know the difference between a 3m or 30m order no matter how we see it cross the tape. so once known they can move around accordingly to fill it. then once they know where the next order is they can move back to bid/ask position until they see the next one entered. there are many fake bids/asks out there, part of the game. this is why when we did have some buying a few weeks back it so quickly ran over 11. once the orders came in they were happy to move up that 'wall'. same deal in reverse here.
what does it mean? we will see once this seller is done which should be indicated by ubs off the ask. the fact they are back to 5 bid now could be telling too. hard to say.
though, and crazy theory here, often times stocks like this dip right before news hits so those in the know who shouldnt be in the know but have said power can load shares... maybe this is a precursor to news???
but i would think there would be move volume, then again day is half over and we have pretty decent volume. plus news on friday is rare so maybe more tomorrow so not to spook us. maybe news over the weekend like the last time (not the rushed 2q thing) did financials? who knows, but despite the lag in volume now i would expect a bounce soon
My charts are my own. Any numbers or timing are based on my interpretations of what I consider to be the most likely price movement. My interpretations can be can be wrong, it is always best to do your own charting.
Anything else I post is purely opinion
