July 15 and 16 saw heavy downside volume. the days since then have been higher closes. therefore, the volume is buying volume, not selling.

The stock was pushed down, creating the buying opportunity. I would say we are witnessing a fund or two piling into the stock after perhaps gleefully engaging in some selling to, let us say, cause the victims to feel like surrendering their shares.

I would point out the remarkable divergence in on-balance volume between a weekly view of KXL and a daily view, both courtesy of stockcharts.com. On a weekly basis, support for the stock never fell apart. On a daily basis, OBV has been much more jagged.

DAILY

http://stockcharts.com/h-sc/ui?s=AEM...

WEEKLY

http://stockcharts.com/h-sc/ui?s=AEM...

Date Open High Low Close Volume Adj Close*
22-Jul-08 2.10 2.25 2.05 2.20 681,100 2.20
21-Jul-08 2.02 2.06 1.91 2.03 244,900 2.03
18-Jul-08 2.01 2.01 1.93 2.00 177,700 2.00
17-Jul-08 1.95 2.10 1.92 2.00 449,500 2.00
16-Jul-08 2.02 2.17 1.86 1.86 578,600 1.86
15-Jul-08 2.26 2.26 1.72 2.07 539,900 2.07
14-Jul-08 2.24 2.27 2.19 2.25 191,000 2.25
11-Jul-08 2.21 2.26 2.17 2.18 121,100 2.18
10-Jul-08 2.30 2.33 2.18 2.22 172,700 2.22
9-Jul-08 2.34 2.34 2.25 2.30 103,400 2.30
8-Jul-08 2.33 2.38 2.17 2.38 151,300 2.38
7-Jul-08 2.35 2.40 2.30 2.32 52,700 2.32
4-Jul-08 2.37 2.40 2.33 2.39 61,800 2.39
3-Jul-08 2.48 2.48 2.36 2.40 118,000 2.40
2-Jul-08 2.58 2.60 2.45 2.51 114,400 2.51

Regards to all, Michael