There were two significant daily falls in August; a fall 8% on 7 August, the day the annual results were presented, and a fall of 5% on 8 Aug. These falls were explainable, because prior to the fall the SP had a YTD rise of 51%, a great performance and the guidance for FY13 was less than spectacular.
My current outstanding issue is that yesterday's fall, unlike the August falls, does not seem to have a catalyst. So the two falls are not the same. This makes me a little nervous.
After the brief sell off in August the SP resumed its rise, rising a further 40% from the closing price on 8 Aug.
Let's face it, a 85% rise in the SP over an 11 month period has been spectacular. Some profit taking seems inevitable, But was this the sole reason for the fall? I suspect there is a different and hopefully 'healthy' reason. We need to know why.
I am looking forward a statement, prior to trading on Monday, that clarifies this matter.
Cheers
K
CCP Price at posting:
$7.60 Sentiment: Buy Disclosure: Held
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