Instinctively one might think that the 8 days of selling starting on Monday October 3rd would have involved short selling, there has been a few comments along those lines, but it is not so. Within those 8 days only Tuesday 4th had any short sales and then only an insignificant 10,105 shares. So apart from the single share (true) short sold yesterday (Wednesday), there were no other short sales unless someone is breaking the rules on short sale reporting which seems unlikely.
Thus the selling was real - what proportion of the selling (averaging a modest 595K/day - including both exchanges) was offloading and what proportion was reaction selling drawn in from stoploss selling or spooked holders etc is moot. Watching the sudden build up of buyers in market depth today it seems surprising. The volume yesterday was 1074K which considering the limited volumes available could be considered close to being an exhaustion move. Maybe that is why the buy volume has been able to build if the supply is close to being mopped up. hope so.
Coming into the close it will be interesting to see if it hangs on this time.
AJX Price at posting:
51.5¢ Sentiment: Buy Disclosure: Held
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