Big Money Leaves a Footprint
One off-exchange block a market day: which company, how many shares, at what price, and the levels the letter draws from it.
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One block a day, read in four parts.
Every issue follows the same shape, so a regular reader knows where to look in the first minute.
- 01
The print
Ticker, share count, execution price, notional value, venue.
- 02
The context
Why the block went off-exchange, and the sector around it.
- 03
The plan
The print as anchor, a risk boundary, upside targets.
- 04
The options flow
The call activity that appeared next to the block.
Can you read a footprint?
Three questions on how institutional blocks trade and how a letter turns one into a plan. Real numbers from the letters, no live data.
- 40%+
- Of US stock volume trades off-exchange. The premise every letter starts from.
- 1
- Block print per letter. One company, one transaction, every issue.
- 3
- Levels in every plan. The print as anchor, a risk boundary, upside targets.
A $52.4M block of Apple prints in a dark pool instead of on the Nasdaq. Why route it there?
Celsius printed at $32.10 and support sits between $28.60 and $29.50. Where does a disciplined stop belong?
The Apple block hit the tape while call buying spiked in the same name. How do you read the pair?
0 of 3
Tap a level to draw it on the track
- Anchor
- The print itself: 525,000 shares at $32.10, the price every other level is measured from.
- Risk boundary
- Support between $28.60 and $29.50, and the line at $28.60 where the scenario is wrong.
- Upside scenario
- $48.00 to $56.00. A scenario the letter drew at the time, not a promise.
How we read the tape
- 01 / Observe
Find the footprint.
A substantial off-exchange block: the company, share count, price and capital involved.
- 02 / Understand
Put it in context.
The execution mechanics, the sector backdrop and the options activity beside the block.
- 03 / Structure
Define the trade.
The print as the anchor, a risk boundary and upside targets. Tap the three buttons on the card to draw them.