IMO there are a number of possible scenarios playing out behind the scenes.
Most likely imo is we've just seen someone do a HIN account swap to book a substantial loss..and buy back their position on a quiet (nervous nelly) Friday arvo
A bit less likely imo, but plausible, someone with a decent holding sees no end to the selling and bailed in case the whole Euro bloc is about to implode.
Less likely still, but possible, Jakes synopsis, LNG and backers are working some agenda which includes some 'management' of our sp.
Beyond that, pesky short funds, seeing blood in that we have weak buying interest and several dark stars alligning with the EOFY pressure and market backdrop. Actually this possibility could be higher up the list.
For what it is worth I bought a few today, but only nibbling as I fear there will be more of this next week and a little into the week after and then it should abate if the macro outlook is improving.
Upside should be significant if Greece votes in a pro austerity gov't, Euro bloc finance ministers move decisively to stem runaway interest rates in Spain and the good ol Fed cranks up the printing presses again. Indications are all three of these developments are comign down the pipe..but maybe a cataclysmic debt spiral is indeed out of the perverbial Mayan prophecy lantern and there is no way to put it back (well might as well drink a few tonight in that case!).
We will see. Come on LNG, pull your finger out.
MPO Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
