Well the broker data couldn't look any better.In the chart below...

Well the broker data couldn't look any better.

In the chart below I have shown the broker data against a weekly chart. I use a traffic light colour scheme (as always), the coloured vertical lines are associated with the broker data listed to the right of the line. Red is bad and indicates instos selling and retail buying. Green is good and indicates instos buying and retail selling, while orange is neutral and indicates a mixture of both scenarios.

You can see from this chart that 6 out of the last 8 weeks have been dominated by institutional buying. I have highlighted some of the key institutional buying with yellow highlighter. Morgan Stanley, Merrill Lynch, Goldman Sachs and Macquarie were buying up big last week despite the strong run we have already had from the $1.30 lows, buying above $2. With retail traders getting giddy (as MarketingMan would say) and taking profit. The 3 weeks before this has been dominated by buying from Petra Capital, Canaccord and Goldman Sachs.