When I first studied the stock mark

When I first studied the stock market in earnest, two short passages in
W.D. Gann’s Truth of the Stock Tape1 had a profound impact on the way I
looked at price and volume charts. In the first passage, Gann talked about
the amount of volume it took for a stock to make a 23-point move to the
upside.He said that 1.6 million shares traded hands,which was “five or six
times the floating supply.” In the second passage, he talked of a stock in
which the shares were “changing hands about twice each week.”From these
passages, I realized that Gann had a unique way of looking at a stock’s
trading volume. He was treating a company’s tradable shares as a whole
unit, and he was tracking them as they changed hands one or more times.
The moment I read these ideas, I had an epiphany that developed into what
I call float analysis.