Institutions in big time, no other way to explain 14M in volume. I think that "they" cycle their money in and out of the stocks that they pick to run up, a self fulfilling prophecy. They much later pull out gradually, so "we" don't notice. Kind of like a pump - fast pump cycle, slow release. As long as "we" mimic, why not smile?
What's behind this today? Beats me. There are effects in the background to be considered:
* Packard Foundation with $9B in HWP. Have they been slowly selling these last months and now quit - and "they" know it?
* A bit of suspicious buys yesterday late, looked like someone was loading up, at least I thought so at the time. Then today. Did "someone" know yesterday?
* Why didn't the rat pack of analysts jump in with Prudential today, and why did a single Hold->Buy cause such a ruckus?
* Was runup just a herd instinct as "they" sold the Dow and NASDAQ and needed to park their cash in equities?
Just raising these thoughts, beats me. But I'm suspicious that today wasn't just a good day...
PS: Burying the cash in the lower pasture sure beats heifer heat, anyday.
The stock prices for IBM, Compaq, Gateway, Dell Computer have all increased this month. Today was probably an adjustment to the overall performance of the industry as well as expecting a good earnings report.