Anonymous is what institutional traders hide behind for their activity. When retail traders enter an order it shows up as the house they trade through. So when I see Anon on the buy or the sell I know its a pro making a decision. The small size of the lots are not a big deal either way considering that the volume is very low today. Just 60K has changed hands so far, and when interest returns to KXL we will probably see more than a million shares in a day of trading. If a pro is feeding paper to a handfull of mom & pop investors I doubt it matters much in the overall scheme of things.

What does jump out at me is the chart for the last few months, with KXL tracing out almost a flat base while the entire sector appears to be putting in a bottom. This is extremely constructive considering the magnitude of the move late last year.

Some detractors have pointed out that its easy for longs to hang in with the correction if they were buyers below a buck. That may be true, but keep in mind that many longs have held through 2 similar spike/correction cycles and are now getting used to this kind of behaviour. Two years ago KXL peaked above $2 and then dropped all the way down to the 40 cent range. This time we have 'dropped' to the level that used to represent the peak highs of that previous cycle. So to me, that is progress.

One thing that does not change is the temptation for speculators to panic when a periodic downtrend happens. Another consistent factor is that bananaheads will always show up on forums and try to spook skittish investors into unloading stock.

People can look to small lots trading, and bearish posts on a forum, and conclude the KXL is dangerous right now. Or they can look to a solid base building, and previous cycle behaviour, to know that KXL is extremely attractive right now. I guess it just depends on the outlook of the individual.

cheers!

mike