Large block transactions
by Arthur Merrill
Here is an indicator that reveals the direction of enthusiasm of the big operators. Are they reaching for
stock, even at higher prices? Or, on the other hand are they eager to unload, even at lower prices? The big
operators are usually the most informed traders; we should pay heed to their actions.
The source data for this indicator each week is a summary table in Barron's. All big trades on the New
York Stock exchange are noted, and the number of upticks, downticks and unchanged are counted and
reported. The trades are separated into two categories: more than 100,000 shares and less than 100,000
but more than 50,000. A sale on an uptick is a sale at a price higher than the last trade; a sale on a
downtick is at a price lower than the previous trade.