Yesterday was a hell of an interesting day....what i drew from it was that in general terms the whole market took a bit of a dive and it would appear that some profit takers came in, I did think that there was quite a bit of manipulation as i was seeing quite a few single digit sell orders going through, maybe trying to intentionally keep the price down (or maybe shorters were trying to kick off stop losses)...just speculation...
The good thing was that the SP recovered and was supported above 60cents...this was a really healthy sign for me that the fundamentals are still strong and are supported by the SP......
I generally dont mind retraces...and seeing the SP bounce back is always a good sign....I would normally take the opportunity on such a retrace to top up a small parcel but didnt get chance as it moved back too quickly...
I think a lot of people have taken a position in SDL and are now sitting back in anticipation of the next big announcement, i would therefore maybe expect to see volumes decline slightly until then...The next big step up will occur within the next quarter..
SDL Price at posting:
60.5¢ Sentiment: LT Buy Disclosure: Held
