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May 10, 2023Valvoline Inc., HollyFrontier Corp, Cabot Oil & Gas Corp and others reached higher-than-usual trading volumes.
A recap of today's session: Markets were up today; Nasdaq closed the day at 12,300, having gained 1.04%. S&P 500 ended the session at 4,137.64 after a 0.45% gain.
Why Trading Volume Matters
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Price action was mostly bullish today with some energy stocks recording abnormally high trading volumes. Here's a recap:
Valvoline | 376% higher than rolling average
Valvoline Inc. ended yesterday's session at $34.28. today started with an increase to $38.8, but dropped back and closed at $38.45.
Valvoline outpaced its average daily trading volume (1.65 million) with 6.19 million shares traded today.
HollyFrontier | 119% slightly greater than rolling average
Trading volume was 4.78 million shares today — beating the daily average by a mammoth 119%.
Cabot Oil & Gas Corp | 219% above rolling average
With 18.76 million shares traded today, Cabot Oil & Gas Corp beat its daily average by 219% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.
