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Look at those bots working hard - selling down and selling short. Walking the price down. And one lonely little buy-bot trying to nudge the price back up half a tick, only to be hit almost immediately by the sell-bots taking it back down on a tiny number of shares.

Interesting to watch, but bloody frustrating.

If the quarterly was considered to be good news - which it was - then what has changed, especially since PDN don't sell at spot price? Spot is a myth anyway, although it does affect sentiment. As I've posted before, spot price, along with the uranium "futures" price, is a mythical derivative created by financial institutions such as commodities hedge funds. They obviously cannot buy REAL uranium, so they trade paper derivatives. Almost ALL of the very small number of deals done on the spot market are done by financial speculators such as these. There is the very occasional top-up buy by a nuclear facility done at spot, but they are rare.

So why should the spot price affect the sentiment? Is it a chicken and egg situation? Does the spot price affect the sentiment, or does the sentiment affect the spot price? Is the movement of the spot price - in either direction - caused almost entirely by financial institutions? If you read the TradeTech reports on the weekly spot deals, it is almost entirely the speculators trading bits of paper - so why should that affect the share price of a company like Paladin?

Bottom line is that it shouldn't - but it does. And the same speculators are those who let the share price run up, then sell it down again. And who short it like crazy - there is a huge number of outstanding short positions in PDN currently - why? And will they be filled on market, or will they be covered off market in the dark pools?

This is just another example of the ASX being a casino for traders now, as opposed to being a true market for investors.

It stinks!

Despite that, my sentiment remains on Long Term Buy.