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Major moves in volume can signal unusual activity, such as
insider buying or
selling -- or buying or selling by "superinvestors."
Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.
Let's take a look at a several
stocks rising on unusual volume today. They are all recording volume in midday trading that is already at least 50% above their average trading volume for a full day.
Spectrum Pharmaceuticals(SPPI - Get Report) is a commercial stage biopharmaceutical company, engaged in developing and commercializing therapies with a focus primarily in the areas of hematology-oncology and urology. The stock is trading up 8% at $11.16 in recent trading.
Volume: 1.82 million
Average Volume: 1.03 million
Volume % Change: 265%
technical standpoint, this stock is approaching a major breakout now that we have seen this high-volume move today. Market players should put this stock on their trading radar for a strong-volume move above some past overhead resistance at its
52-week high of $11.36 a share. Look for a sustained move and close above that level to signal that another big spike is coming for the stock in the near-term.
Spectrum was included on a list of
Hot Biotech Trades for Second-Half 2011.