Towards $1.10, page-79

So what are we to think?

Volume of 465k yesterday. Short sales, 200k. So close to 50% of sales was from shorters trying to depress the price- or at least stop it from taking off. Not so many other genuine sellers. No panic. Very little support for the shorters though. On the other hand, you'd think that, as the sp increased by 3%, those 50%+ genuine sellers weren't willing to fold easily. Looks like a few shorters may have also been keen to close out.

In general, I'd say the relatively low volume and higher percentage of short "churn" looks a lot like anxiety on the part of the shorters, while longs are mostly sitting on the sidelines, waiting for the imminent permit decisions. Some "conviction" longs though, see it as a done deal and are taking the opportunity to top up.

Not a happy place for shorters, atm. The steam has gone out of the trade, the shares look "sticky", the risk is increasing daily (3 trading days till the 14th) and the exit door must be looking more and more attractive. How to escape without creating a short squeeze? That seems to be the name of the game.

TALGA GROUP LTD                   FPO                  200,159         360,634,172         .05