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Re: Had a feeling today would be uglier     31-Aug-09 09:39 pm    
Volume, while "relatively" high the past 2 days is still anemic vs the average volumes over the last 18 months, during which it has been heading lower consistently, now down to about 40K per day.

Makes me wonder how much institutional sponsorship still exists here, and on many small and mid cap stocks.

Here's a short term chart, not pretty as it absolutely smashed thru its co-mingled 50 and 200 day EMA's:

http://stockcharts.com/h-sc/ui?s=HURC&p=...

The markets as a whole are seeing very light true institutional and retail volume the past several months, with much of the volume being nothing more than churn from the huge amount of high frequency trading (HFT) being done by several large hedge funds and "liquidity providers" like GS and Renaissance Tech (owned by JPM I think) - by many accounts HFT represents 60-70% of daily NYSE volume... take that out and there doesn't seem to be much true buying being done by serious investors of any size... and certainly the short term millisecond crap is not liquidity one can count on in a market "event".

As a fer instance, on Friday, fully 33% of NYSE volume (6 billion shares) was done by 3 companies (C, FNM and FRE or BAC, don't remember which) - over 2 billion shares - outside of day traders getting sucked into that game, those three/actually 4 companies, plus AIG and CIT represented 40% PLUS of the NYSE volume -all of which was pure churn... millisecond buy/sell transactions designed to capture liquidity rebates of 1/4 cent per share on each side of those repetitive millisecond trades. They don't even need to make a penny on the spread, they just take a quarter penny on both sides of the trade even if its flat.

That's not what I would call a healthy market where all the so-called liquidity lasts for several milliseconds. Does anybody really think those guys will be around when the @#$% hits the fan?

So who's REALLY buying here?
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WPDragon


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Felt a little propped up Friday.
wobatus Rate it 31-Aug-09 04:04 pm  
 
Re: Had a feeling today would be uglier
WPDragon Not rated 31-Aug-09 09:39 pm  
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Hurco Companies Inc. (HURC)

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