I've been watching DD (Dupont) closely the past few days and trying to understand someone's trading strategy. Throughout the day there are a pair of 5K bids and asks about 20 to 30 cents apart straddling the market price. The bids are always just above even (39.41, 39.86 etc.) The asks are always just below evens (39.69, 40.19 etc.) If either a bid or ask gets filled a new one appears about a dime farther out. If the market price is moving very slowly and gets close to the bid/ask it is moved out another nickel. Is this a floor specialist working or is it someone's trading program in action?
Well, the CSCO ramp is on. A warning to anyone trying to go long here. There is no more than 10-20 points available above today's HOD on the COMP before a reversal, IMO, so tread lightly with longs and with tight stops. If we gap up, extension may be quite minimal before a reversal.
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