Ann: Shipping and Operations Update, page-126

I don’t think it’s actually overbought at all, my previous post on fundamentals makes for a ‘fair’ SP of 19.5 cents albeit with lots of assumptions.

More what i’m highlighting is the technical take, I bet the action recently will have drawn short term traders in, they won’t know or care a damn about the fundamentals of the company and will try to trade purely off the charts and technically we are overbought in the short term.

Indeed a finish on its high on a Friday in a soft sector will have been a beacon. I’ve kept and eye on the daytrade threads and AJM has nerry a mention. Given it’s bursting out of a downtrend on abnormal volume (highly abnormal if you count Chi-X) it should be all over their threads... my take is that the usual traders are still getting set and will suddenly start throwing charts up and mentions once they have a big enough position to then sell into the Johnny come lately’s...