ann out, page-91

David - agree with your observations/analysis re risk reward re-assessment and the all or nothing outcome with the next ann.

Short traders never sleep - they trade in large volumes and $$ figures, and this type of news would have hit their networks and within seconds/minutes at most. When you add in 'shorting' to the over-all negative response and it easily creates a panic which would account for the sudden and large spiral in the sp.

Luckily it was only a half day trading on NY's eve and trading was curtailed at 2pm, the losses could have been considerably higher - really, we don't know where the floor is yet.

Some LT holders are also actively trading to opportunisticaly take advantage of the panic reaction, to sell with the intention of buying back in at a lower price to reducing their average entry price - I must put my hand up here.

There would also have been some impact from stops being triggered. But my experience is that when prices gap down in this fashion 'stops' often are not activated - so, I'm inclined to discount a bit that the big tumble was due to 'stops' being hit.

David, as you point out NEN's "Delays result in anxiety = slipping SP, so 30c+ is a bonus. Firstly the SP needs to hold firm at 27c."

Going by NENs sp pattern since mid year/spudding the sp has repeatedly shown that it's unable to hold up while waiting for news.

My inclination is, considering it was only a half day trading on NY eve, that the full impact may not have washed its way thru the market yet, and there may still be further downside on the opening tomorrow - followed by a weakening sp and jitters over the coming weeks leading into the next ann.

As a result, I think we could just as easily see the sp in the low 20s leading into the next ann.

Unfortunately the ann has created many risk/reward question marks and the need for a branch and root reassessment of positions.