Ann: Company update-1PG.AX, page-56

The most useful bit is the 'Net Volume' part. It tells you which brokers have been selling and which brokers have been buying. So ETrade, Commsec, Openmarkets, CMC etc. are the retail brokers, Morgans, Bell Potter, Pershings etc are brokers catering for sophs and some institutions, and finally Credit Suisse, UBS, Morgan Stanley are the nominee brokers that hold shares for institutions and funds.

Sometimes, the net volume message is clear, like instos and soph brokers dumping to retail brokers but here it seems that everyone is selling except for UBS. But do take these broker reports with a grain of salt. Use them in conjunction with other analysis but dont rely on them purely for trading decisions.

I will however say this, over the long term, the fundamentals are what determines a company's fate. Companies do not fail because the SP has crossed the 200 day moving average, or because instos have been distributing to naive retailers. And here, I see no reason to believe that anything fundamental has changed.