Vanguard might be buying, but the key question is: who are they buying from? Retail investors or other professional/institutional investors?
Vanguard likely uses one of the major institutional brokers for their transactions.
I've found it very useful to combine accumulation/distribution charts or volumes of similar brokers to track their collective behavior.The 'Investment Banks' group on the chart represents the collective behavior of 7 major investment banks: - Citigroup - Goldman Sachs - Macquarie Securities - Merrill Lynch - J.P. Morgan - Morgan Stanley Securities - UBS Securities
So, for example, if Vanguard is buying through Macquarie Securities, someone else (likely bigger and more sophisticated than retail investors) is selling to them through UBS.I'm less concerned about who's selling to whom within this group. What's more significant is that sentiment from investment banks is notably negative, while retail brokers continue buying.
That's my key takeaway as I assess opportunities and look for entry points. For now, I'm staying on the sidelines and continuing to monitor the situation
DRO Price at posting:
69.0¢ Sentiment: None Disclosure: Not Held
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