i missed friday's action in Aus but the movement in SP is getting interesting. the US action last night set up a perfect candle formation for a stronger move beyond .3 . . . in Aus the bollinger band has been nudged up suggesting that the stronger moves are comming (hopefully this time). i would prefer a steady rise because it is much better for long term holders who want to see SSN emerge from its capital restructuring . .
good point kent about the underwriter.
only thing is that the stock has been trading for a while since the underwriter was issued with the stock . . . . also, the company itself has managed to successfully place a lot of the shares that it had available to it under the underwriting agreement. so, we do not actually know whether the underwriter itself has done the same. for instance, the off market buy for 15 million on friday could have easily been the underwriter . . . . . . . . . the 4.5 - 5 million trading day in the US is over 100 million Aus shares. that means on friday alone there were over 175 million shares traded. . . . . . with this kind of liquidity I do not think anyone has had problems mixing their lot of shares in it.
next week should be very interesting. . .
SSN Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
