jwhallo, the depth of the pricing on L2 is not what I'm referring to. I don't believe .19 (low) or .33 (high) is relevant to price discovery.

Second, when I refer to volumes, I'm not referring to traded volumes. I'm referring to the entire buy / sell offers as an indication of sentiment. Anytime I see 2-3x differential on either side, I use it as a strong indication of sentiment.

To clarify once and for all, here is my snapshot of EVG as of 1:17 PM EST

As you can see, "Sell Vol" is 2x "Buy Vol"

Just as the 3x imbalance on Thursday told me the short term picture wasn't looking good, the current imbalance tells me it is still weak. The price action both since Thursday and all day today confirms my sentiment on EVG.

Hope that clarifies things.

Regards,

George