ES distribution and BAC's VWAP

 Here's the 1 min 3C for ES, the distribution has started almost immediately as they sell in to strength.

In my last pot I mentioned how distribution often occurs in a flat trading environment and that BAC was probably being sold by the middlemen that facilitate major institutional transactions, market makers and specialists. I could tell just by the price movement that BAC was being held at the VWAP as the institutional customers that give the market makers/specialists the order to sell or buy big positions, use the VWAP to judge the middleman's performance in filling the order, no large institution wants to be selling BAC below the VWAP, so market makers try to execute near the VWAP and thus get more order flow from the large institutional clients. So I took a look out of curiosity and look at BAC today, holding the VWAP near perfectly.