SOME STATSabout TMG TRADESyesterday :
Out of a total of 1030 trades – totalling 55.7 m shares
a)There were only 10 Chi-X trades – totalling 569k – @ their lowestSP for the day @ 7.2 – all @ 2.20pm
b)There were only 22 ASX trades – totalling 634k @ 7.2 – all between 2.20 & 2.29pm
+ 2 other 2 ASX trades -totalling only 80k – @ their lowest SPfor the day, @ 7.1 - both @ 2.29pm
This suggests to me that :
1)There was insufficienttrading volume yesterday @ either 7.2, and certainly not at 7.1 to justify the opinion that the “gap down to 7.1 has now closed”
2)Because there are still 20 bidders prepared to buy a total of 4.8m across 4 bid levels, of
a) 9 for 1.6m @ 7.1,
AND b) 11 @ below 7.1, comprising
5 for 1.0m @ 6.8,
4 for 1.1m @ 6.6, and
2 for 1.1m @ 6.4
and
given such bids, will most, if not ALL, likely change @ the drop of a hat before trading begins on Monday
IMO the latest sell-down STILL has a small distance further to go, before starting a 2ndup-trend
from a baseof 1 of these 4 bid levels. What do others think?
(20min delay)