Needless to say, for every seller there is a buyer and vice versa. At 460,000 volume there was a 10,000 share trade that took it from $5.14 to $5.16. Almost all the other trades were 7,000+ with each carrying it up another penny or two. Of course, there were a handful of trades of 100+ shares as well. The point is classic accumulation pattern. Someone is buying everything they can get there hands on in a narrow range each day and then they letup for a short time to let it drift back to their buying range. Then they take everything out again. I am speculating that the rush to buy starting on 4-01-09 was after window dressing for funds/institutions that ended 3-31-09. The new quarter has started. They are buying now and if PBY makes a great swing upward this quarter they look like an investment genious when they report again for 6-30-09 and it's in their portfolio. If PBY disappoints again, they dump, take their loss and they don't even have to report their trades. Their investors are none the wiser. However, they don' want to be left uot and look like idiots if PBY does surpise on the upside. These guys don't buy the idiot analysts calling for a downgrade of this industry. They know they're smoking crack. Even if new car sales pick up, unemployment is going to 10% by end of year and will not see 5-6% again till 2013. The delta of 4% +/- in unemployment is more than enough to drive aftermarket parts and repairs for at least 2-3 years. This is the sunrise of this industry not the sunset. DaninFW
this recovery is gonna be slow. Like an airplane that flys over a turkey ranch and the turkeys don't eat for long periods of time, the guy who once flipped his car every 3 years will now refuse to eat/buy a new car and will fix it for the next several years.
Thats what following the crowd does for a person.....nothing. Taking the road less traveled makes all the difference.