Ann: Appendix 4C - quarterly, page-53

Retailers mostly exited their positions today and guess what, who are on the other side of the trades? What I am worried this morning after the report was the selling down from institutions but this was unlikely as we don’t see gap down, we don’t see rush selling, we see all the sellings are meet with strong buyings, we see the sale depth still look healthy. Yep, there is no doubt that we’ve got an ugly 4c report today but considering it as a small hump on the road. The total sum is what it
counts here, it’s not important of how big or how small the slice you choose to eat first as long as the whole cake is yours. From that perspective, I can understand why institutions are the buyers today.