Late trading was noticibly manipulated and pushed up constantly on props. Not a "natural" show of demand. It spooked people into selling using massive capping and made people panic buy by placing huge props in place. See Ipods post in the day trading thread for more info.
Loads of line wiping at 2.8, 2.9, and 3cents. Much would have been offloaded at 3.1 but with huge props coming in later in the day at 3.1 I think they still have more to offload and will push the sp in order to get buyers to come to them.
It was a good rally and "pump". Just concerned now that there may be a dump if the props are pulled. Seen these games time and time again on SSN. They managed to push the sp down last time from 3.7 all the way down to 2.3.
Closer to fudamental news but this is still a couple of weeks off. I can't see any major news this week so be cautious of the T+3ers on board and the Friday arvo dump.
I know many of the SSN posters are excited by today's action but for those watching the excessive and strategic buys and sells being placed and pulled quicker than a flash, will be a bit more reserved about any celebrations.
Ask yourself why the oppies weren't played like a fiddle as the heads were today. Obviously there's not the volitility and volume to enable the games to be played.
Spudding for Ripsaw is sheduled for 15-18 March and that's just when the drill hits the dirt. Then it's a week or so of drilling and then more time for flow testing.
If you enquire with the company about the fracturing of the Gene well you will find that it will take place 'late' March. Fracturing is a complicated process that takes care and time. So results should be due on this in April.
So did we see a premature 'pump' today? Interesting to watch.
cheers Ange
SSN Price at posting:
3.2¢ Sentiment: Hold Disclosure: Held
