RE: RE: WHAT IS BMO UP TO I love watching the intraday L2 and checking the recent transactions at tmx.com. Here's what I've continued to see:
1. CIBC and BMO are still the two houses sitting on top of the bid pile. All selling is going right into their laps.
2. These aren't retail orders. BMO and CIBC are not hitting the asks. Retail would hit the asks. This is active institutional accumulation in the face of unrelenting dumping. Small lots on the bid, but when they get filled they automatically reappear. Retail would be exhausted by now.
3. These are rushed orders. Seemed today that BMO and CIBC were trying to butt in front of each other. They're also bidding up the bid side leaving supporting orders way below them - even if the next visible bid order is $2.80, they leave their bids at $3.06 for example. They're making no attempt to pull bids to let someone dump the price back down to $2.60 or $2.40 (the next support on the bid side).
This really really looks good, guys. God knows what size position they're trying to build, but hopefully it'll take a while. Certainly looks like they want to build positions now and not wait for a few weeks of weakness.
Don't sell into this. Som,eone finally wants to buy.