As someone just pointed out on twitter, the volume earlier on the bounce was HUGE! unlike to the earlier downside. Just has to tell you, or SCREAM at you, that the dumb money sold, while the smart money bought it up.....hilarious!
Never go by volume. It's unreliable. The momentum algorithms hook up on these stocks and put on incredible volume buying and selling a penny at a time and then they're gone. It can look like a bunch of people took new long positions when all it is is algo churn. That's why we have these spikes all over the place with so many stocks. Obviously there was some new buying that was real longs looking to hold the stock but I can gaurantee you that most of the volume was algos.