I spoke to SM on 17th Aug and he said that it wasn't obvious to him that there was a single seller offloading. Just a bunch of names he had not seen before. Probably because CBA was selling through nominee accounts
Its also worth noting that the majority of selling (ie 2M overseas institutional fund) occurred after I had spoke with SM, on the 21st & 22nd August . This was inline with res releasing strong news that was sold into, so overall it seems SM was pretty genuine.
The real question here is ...who scooped up the bargains?
My theory is that .... Someone (our supporting bankers perhaps?) knew that the o/s fund was shutting up shop, and, rather than place the shares @ an agreed price, saw an opportunity to make a killing by forcing the fund to liquidate its stock in a shallow market.
Conspiracy theories aside, let's fill those gaps and get moving up again.
GS
RES Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
