RE: Now who's doing the selling anyway?First of all... there is a seller for every buyer... at micro times in an up trend, there will always be some backfill that will overcome the buyers... the sellers IMOP, in this case, are short sighted (those who are inept at swinging due to lack of skills dictating their swing to the maximum) or equally.. Knowledgeable swingers who are right and perceive this rise as very short term. Who is wrong...? Imop a little of both, but mostly the former.
There are also institutional traders that for various reasons of business as usual, that have the money to play manipulate the market sentiment... can and will do so.... the nice thing about our float is that it is a little hard to do in the long term, so that an ambient short supply (overhang due to options financing being sold into strength etc.) of float shares will likely dictate the trend in spite of attempts to hold back a rise.. Momo is sentiment trading, and with silver riding the back of gold if you believe in gold... momo is sure to follow. Overhang in this case is buyers from the May not surprise dip that surprised some who failed to make the knowledgeable decisions, and now are second guessing themselves, and recovering what they consider losses near the .94 cent level which easily can be demonstrated as resistance with a chart... resistance which is quite arguably target with a breach of the 200 day average @ .84 cents with a close above 84. Volume is comprised of buying only at this point, and a consolidation after a run may find support above or near the 200 day average in the .94 cent plus area. Imop those that wait will fair better if they reduce the risk and buy sooner than later if they have a mind to buy.
We have just come out of the summer doldrums slump, and as such there have been some buyers who luckily or smartly got in on the cusp of the August bottom bounce and they are selling. too bad for them I say.
A result of the go Away in May market timing phenomena... (the price took a dive) of course just my speculation as to the root cause... however a chart coincides with the physical time line annual go away in May event.
So for fun and entertainment based on a long history of experience at presenting potentially convincing demonstrations, (I'm a legend in my own mind) I have put together a watch list dedicated to GPR charting TA studies... with notations and blog posts that appear to support, and add substance to my speculation on the true answer to your question...
I have been known to eat glass though, when it comes to naked shorting by institutions, but if I thought I was wrong I wouldn't post... In the end though it is up to you from your own judgement of the next few posts as to whether they have any worth or merit.
The question is.... are we breaking into an up trend... would have to be answered... we already have been moving up for a test of resistance... which way will it go or in this case continue to go with a wiggle.
Some very basic DD you should do first....! This is very seriously all in fun and I hope your are entertained.
The next post will be later tonight, me and grandson are going to feed the ducks.
I'm a share owner.
GLTA