Meaning of the clockwise/counter-clockwise rolling circle in Google Chrome

When using Google Chrome I've observed that the icon that holds the favicon.ico shows a rolling circle before a page is fully loaded.

It appears as if the circle is rolling counter-clockwise when the browser is in the following states:

• Resolving hostname
• Connecting to server
• Waiting for response (before first byte being sent from server?)

Whereas the circle appears to be rolling clockwise when the browser is in the following states:

• Loading the page or referenced resources

My questions:

• Are my observations correct w.r.t. the rolling circles indicating state?
• Has anyone seen this documented somewhere?

Solution 1:

When you load a webpage in a tab, a slow-spinning gray circle on the tab lets you know that Google Chrome is connecting to the website. The circle turns blue and spins faster once loading is in progress. Once the webpage is completely loaded, the icon changes to the website's graphic.

http://www.google.com/support/chrome/bin/answer.py?hl=en&answer=95622

Solution 2:

From Gloson Blog:

When the site is being resolved, Chrome will display this gray line, revolving slowly, counter-clockwise.

When the site is found and is being loaded, Chrome will show this blue line, revolving quickly, clockwise.

From another blog:

The unique feature that I love in Chrome is that it spins both ways – anti-clockwise means data is being uploaded, or a page is being requested, and clockwise means that the page is being downloaded. I believe the speed of rotation also relates to transfer speed.