where to from here?, page-171

Welcome Back Jako!!! Nice work.

The "PROS" or "SMART MONEY" are a modern term for Wyckoff's "Composite Operator." Its the professional Money on the market that make up most of the volume on the exchange ie Investment banks, market makers, hedge funds, trading syndicates etc - Yes they are all competing with each other - and the net result of that competition is represented by the high low and very important the close of the bar and is considered the consensus opinion of the pros on the market and we bundle all those up together into ONE entity we affectionately know as "Smart Money." High volume = smart money very active. low volume = smart money not active. Extreme volume, like we can get on announcements the herd and smart money both very active together and is often the case that one is selling to the other - He with the most money always wins in the end.
So we pay particular attention to unusual volume either high or low.