It is being suggested elsewhere that CP is putting up a wall at 10.5
I would like to point out, yet again, that the jump from 10.0 to 10.5 is the biggest point of gain on the ASX.
Every company which approaches the mid-9s gets a wall of sellers at 10.5; Day traders love to buy a stop at 9.7-9.9 and sell it at 10.5 - it's easy money. So they work to KEEP it in that zone.
It happens all the time to many many stocks.
CTP isn't always a special little child.
I don't think that CP would be selling or buying atm, because each time he does he would be required to notify a change in substantial holdings. Thus we know that he hasn't been buying in the last few days, nor has he sold any at the moment.
The SP has been bubbling along for a few days, with Buyers and Sellers evening out (compared to a couple of weeks ago when it was 3:1 Sellers to buyers). This morning, as I posted, there were more buyers than sellers.
Buyers are slightly outnumbered by sellers now, but the numbers are close.
And along with this tightening in the ranks we have had several bits of good news, and as well we have the long-awaited EGM on Friday.
It's no surprise to see this happening.
Is it a pump? Of a sort. The current board want happy voters, so they have been pushing the good news out the door (as was predicted weeks ago when the rumblings began).
But it might not be a dump. If we can break through 11.0 with enough momentum we might be able to hold up there.
And I expect that no matter the result on Friday a portion of the market will be buoyed, and the SP will climb then.
- Karl
CTP Price at posting:
49.5¢ Sentiment: LT Buy Disclosure: Held
