Institutional investors, specially huge mutual funds certainly never daytrade. Because of the incredible amounts of money they manage, they take days or weeks to buy. They watch average volume and never trade more than 5% of daily volume. Sometimes they get as high as 10%, but only when rushing for the exit. They divide their daily orders into smaller ones, more or less equally spaced, at random times during the day. Institutions are buying now, but they expect to realize their gains a few MONTHS on. Again, institutions don't daytrade.