re: Ann: ZSP: SandP Announces March SP/ASX Re... This was just a case of someone exercising $4.3m of options and dumping the whole lot on the market via a brokers bot. Fair enough, given the options had a strike of $0.30-5.
The bot was aggressively dumping in the morning and it hit ALOT of stop losses on the way down. By midday roughly $5m was traded, and most of their loot was sold and the bot really slowed down.
However, ALOT of people didn't understand what had happened this morning and kept selling down at $1.70 keeping the price down. The bot was actually trying to lift the price up, but weak holders kept selling into it.
Last time there was a big selloff from $1.90s all the way down to $1.52, and sure enough within a few weeks we were back up to $1.90s again. Be patient guys, because surely results can't be far away and moving into the ASX200 can only be a good thing. Index funds have to buy this.
The story and upside potential is just too great not to hold. People look at the market cap of $500m and get put off. However, look at Redback getting takenover for $7bn, and then GRY at these levels start looking damn cheap. We're still in the early stages of this story.
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