I think someone knows something which we don't. A qtr like this should attract more buyers than sellers. May be the sellers expect a huge correction in commodities/stocks prices down the road, 2nd or 3rd qtr of next year. The demand we are seeing now is the restocking of inventory, which were at the lower end, when compared to the past.
Everyone expects growth in 2010 to be weak, and what happens to commodity prices once they replenish the inventory.
LUK is already 9% of my equity portfolio. I am tempted to buy when I see a quater like this. But I will wait for the time being.
It's neither good nor bad. But why are we so religious in believing the sellers are right? Maybe they are wrong, there is no information in buy/sell data that can tell you anything about it.
It's like a gambler, he could be right or he could be wrong, to allow your own independent thinking to be thwarted by other people's thinking, of which we don't know anything, is a crime against your confidence.