Peri, either way, two things are almost always certain - it geneally takes a lot of effort (read high $ and relative volume) to move the price, and the smart money are involved somehow. That could mean buying, or selling, but could also mean pulling their fake bids and standing to the side when the market is willing to take the price where they want it.
For the first two hours on Sep 9 I think it was just that - they knew a frenzy would be whipped up with the contract announcement, so stood aside and let the retailers put in all the effort for them. They may have helped it a bit though as someone had to sell to those frenzied buyers. After two hours and 2.5 m shares were traded the frenzy looks to have completed with the volume dropping significantly and the price stabilising. Then in the closing hour the price got smashed down on ultra high volume. Sure it could have been day traders exiting losing positions, but I reckon most of them would have done that in the middle of the day once the action settled down and it looking like going nowhere.
High volume again followed in the first hour of the next morning - looked to me like the smart money were trying to ride the momentum of the previous day. Since then the volume has been nowhere near as high, and the price has steadily risen. Almost looks controlled doesn't it - like some is trying to pick up as many shares as they can on the way back up.
UNS Price at posting:
62.0¢ Sentiment: LT Buy Disclosure: Held
