bit of a run

With Pratt's vehicle now in and Macquarie in it up to their necks, a bit of a run this week would not surprise me now - even though I have been calling a slow build pending a couple more activity reports, it is hard to see why this couldn't break out any time.

Anyone taking the placement quick-cash has probably taken it by now - why wait at all if that was your plan? And maybe the large accumulators have soaked up any who were in for the very quick result and that is why the market depth has the sell side now starting to look pretty thin. The price has been scratching away at the eighties for a while and I think it is due to launch into them, if not through them, for real.

You would think that selling them under $1 would be an odd move at this stage, right on the precipice of some major movement, unless you just really desperately want the cash.

So, it is mainly quick-cash boys who have sold so far and we will shortly see the strong underlying demand being reflected in the sp a bit more directly, even before the real stampede starts, as buyers start having to lever them out of "investor's" hands.