I'd go long towards the close and hope for an up day tomorrow. I see the index's finishing red today and a nice jump tomorrow. FRE/semi's weighing in on an otherwise optimistic market today.
800K is just what the Yahoo! news article told you about. Take a look at Nasdaq website under USAI. There is a form 144 filing for another 4.5 million from Diller on 5/13. This is the largest block he sold in a long time.
Distribution and to get options to expire "properly".
Friday was a big, big volume day and Monday had solid volume. First real signs of the 'tutes selling and showing their hands that they are unloading/topping the market. Today's volume is weak, so far...
They are keeping it propped up here to unload - standard procedure - before letting it fall/retrace. This is the main reason why tops are not spikes, but humps which "hover" at the top for a week or so...
Not "through" July but TO July. I think July we will see an overall correction. The funds definitely want to prop things up until the end of the fiscal year, "window dressing" as somebody else stated.
Why do you think the funds need to hold through July? IMO they may be looking at the recent trend and decide to cash out and/or short. In fact, recent activity suggests to me that this MAY have already begun.
Oddly, I tend to agree with you. I'll ride this one down with tight stops and take the ride down to $36'ish. I do think USAI will trend between $36 to $40 (tops). July should definitly be weak here but probably not horrific as USAI will throw up alittle window dressing of its own heading into its next Q numbers.
Nice post for a change, no gloating or preaching.
Good Luck and stay onthejob,