I guess you are right when it goes about intraday, short-term and even in some cases mid-term. I am referring to a long-term. Speculators has nothing to do with long-term trend - their actions are not strong enough to affect it. In any case, volume is the greate tool for those who can interpret it from supply/demnd point of view. I noticed in many posts in many cases parties are discussing the same thing and both parties are right - they just looking at the same stuff from different timeframes.