I think I know what might be happening. I subscribe to "aegis research (trading as "Share Analysis"). They claim that I am getting the same research that they sell to fund managers. They (aegis) have sh#t canned GMG and qouted a 12 mth price of 16 cents. The also did the same with MCW and quote a price of 7 cents.
Now if the fund managers follow this research, then the herd mentality is in operation. Does AMP follow this advice and push the sell button.
Me thinks aegis are very conservative. However they rave about BBI, but clearly the market does not hold the same view.
If some Fundies follow aegis blindly this might explain the sell off. Obviously not all fundies do, so we just need to wait for the weak Fundies to sell out.
GMG Price at posting:
23.6¢ Sentiment: Buy Disclosure: Held
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