Ann: Expected asset impairment, page-26

I'll be a buyer when the NCM vs gold price ratio I've been tracking gets back to 4 or below again. NCM share price still levitating IMO. I think it is very wrong to assume the "market makers" for NCM shares are using any sophisticated financial pricing models. As my graph suggests the price of NCM currently trades around the movement in the price of gold in $US with a ratio of about 4, it is no more complicated than that. If it followed a more sophisticated trading pattern you would think the AUD price of gold would be built into the share pricing.

This is unfortunately what markets are reduced to when they rely on some big bank or banks out there to provide a pool of liquidity each day for the stocks to trade on, sometimes with only one counterparty tasked with the job of providing the liquidity on both sides of the trade. The markets for a lot of stocks on these modern exchanges are "made", not free. Watch out for the day when the real market rumbles and these pools of liquidity are found lacking.

SilentO