Just to clarify, the vast majority of the data represents the...

Just to clarify, the vast majority of the data represents the trades executed by the broker on behalf of their clients, not on their own behalf. Entities trading through MS and other Investment Banks tend to be institutions, funds, family offices etc. The inference is that these people/instos have access to better quality research and deeper pockets rather than the average punter. In common parlance, they are regarded as "smart money". Is it true? Almost certainly, as a general proposition. Is it true here? Time will tell. Something has piqued their interest.