I am partly resposible for the dive in SP to $2.70 today. I did this by buying MCP... not selling. Here's how. This morning there were a few sellers at the 2.80 mark, but highest bid was a small offer at 2.68. i sensed that it was probable someone would sell if a resonable vol was bid. So i placed an order at 2.70. Immediately it prompted a large buy-order to come in behind me at same price and a small bid at 2.71 appeared. Within another 40mins my order at 2.70 was taken out. So i have missed 10cdiv + 4c fr credit=14c.... but have bought for 20c below earlier trades pre-div of 2.90. Now more sellers have appeared at 2.70. I am sticking with my 12c+14c=26c div for FY11. Not bad for a share costing $2.70.... and i haven't incl. the benefit of franking credits.
MCP Price at posting:
$2.68 Sentiment: Buy Disclosure: Held
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