What does that tell you? The question will be 'what direction do the 100K blocks take it?'. I get the feeling that the AH action is the nervous nellies bailing this afternoon in much the same way they bailed on AAPL after their earnings. I am not saying that ARNA wakes up tomorrow morning as if nothing happened. I expect it to get even uglier very early.
But, I then expect those who have done their homework, and who have a lot of money to invest, to take advantage of the retail bailing out to add to their long term, disciplined, and researched positions.
An open over 7.00 (regular session) would be a good sign. A close over 7.50 would be another good sign. Those looking for 5.50 are going to need a lot more 500 share blocks to get there. I just do not think the big block traders will be doing anything but BUYING tomorrow.