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Not all volume spikes have lasting technical meaning. In the stock market, dividend capture strategies, legal insider activities, options expirations, and changes to indices often lead to high-volume days. Futures markets also can have spikes during expirations and rollover periods. First Union Corp volume spiked higher in September 1997 but did not set a new rally high, break from a trading range, or technical pattern (see Figure 32.4). In this case, it was the result of a pending joint venture.
The bottom line is that volume spikes have different meanings depending on where ...
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