I remember when the last huge rise happened that took the SP to 450 from 180, there seemed to me an awful lot of upwards SP management happening for a lot of the time. If there was a block placed on the sell side a buy wall would appear a couple of cents below at various times to boost the confidence of the buy side, and frequently they would push through hesitation right through a couple of cents spread bleeding with bots and then a line wipe if it went on too long or the sell side kept replenishing. A lot like today. Big blocks were line wiped and small blocks bled. There was less obvious support for most of it just below the scrimmage line though. Hard to read, but it looks like there is at least one insto at work on the upside here, and they have $ to spend but clearly the shorts have not covered anywhere near enough yet. I expected them to be down to 8% by now, but they are still up around 13%. I'd guess this report was not what they were expecting, but was what the buy side was expecting. The action at 140 was curious, normally I'd read it as exhaustion, but I suspect it was trading instead, then shorts taking advantage, because the retrace was larger than I'd expect mere exhaustion at that time of day to give. Interesting it stuck pretty much to the intra-day fib lines though.
Looking at it in hindsight I should have traded it, but the report was too good, so I decided to let it run. The drop at 14:51 took me by surprise, I was catching up on HC posts at the time - for about those 5 minutes. Darn HC!
GXY Price at posting:
$1.37 Sentiment: Buy Disclosure: Held
