CMM CHART, page-244

Morning Legends,
The 'On Balance Volume' (OBV) tracks buy trades vs sell trades and tallies the net volume.
An upward trend is what we want to see as long term holders.
Particularly whilst the net shorts are increasing.
On the 14/4 SP closed at cycle high of $4.94 and shorts outstanding were 2.45%
On the 26/5 SP closed at cycle low of $4.09 and shorts outstanding were 2.46%
Because the OBV had virtually no net change between those dates it's reasonable to say that for almost every short sell there was a corresponding short buy and due to low volumes they were able to walk the share price back to the 200 ma fairly easily.
Since the 26/5 net shorts are up approx 1 million, however net buys (on OBV) are up around 6 million.
This has not been the case for the sector overall though which rules out the theory of a broad short covering in the sector.
I'm guessing that these 5 million shares have been bought on or below our 200 ma by existing and aspiring to be legends.
Not all in sector have returned to the near 200 ma sweet spot which may explain their negative OBV as their hangovers continue. Alternatively it is indeed shorts being closed. Win or win.

	Stock		GOR	BGL	NST	WAF	CMM	RRL	RSG	EVN	NCM	DEG	RMS
1	OBV 14/4 to 7/06 (mln)		15.15	-20.06	-21.33	-36.85	6.19	-24.68	113.56	-25.63	-44.78	-2.22	5.79
2	% of book bought or sold		1.40%	-1.78%	-1.85%	-3.60%	1.65%	-3.27%	5.33%	-1.40%	-5.01%	-0.14%	0.59%