Re: What do line movements tell us?
Don't forget the vig. The book is essentially getting +110 on all the action. They don't need to balance to profit. And books will take a position and gamble. Books will also lay action off if they feel necessary into other books. Pinny is famous for this as they will at times dangle a seemingly decent line to attract scalpers, while they are just laying it off at an even better line into Asia.
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