Well, is that many of us were waiting for?Sorry, the opening...

Well, is that many of us were waiting for?

Sorry, the opening lines are copied from my post yesterday so may look drab. But it is so true. We wanted a down day so that we can get over the necessity of a down day, then we wanted a good strong positive day to continue our march forward. We were blessed with both. So predictable that it has an uncanny feeling.

Our volume today again was very good with 20+m shares traded. So now we have had 7 consecutive high volume days which is part of 10 highest volume days for last one year. We finished ahead by 7c (13.33%) to finish on 59.5c. Our VWAP today was 59.42c - so we finished right at it. Day before yesterday we were ahead of VWAP, yesterday behind the VWAP - so today was good solid trading with a fair finish right on our VWAP. We again did a new ATH of 64.5c - everyday we are doing that - isn't it great

ASX Li stocks were mixed, I would say 60% decline and other were same or slightly ahead. Our gain of 13.33% was also one of the highest - BNR did a big jump and has gone into trading halt - I have a small number of shares there, lets see what happens.

Although it was a very bad asx day, Li sector did not do that bad. What about us - we have already told ASX in Response to Price Query that we are much under valued compared to our peers and also this new volume is just saying that we need to catch up - So ASX has given us a green light that we can march forward even though ASX itself is getting thrashed. We have gleefully accepted their verdict.

After yesterday when we had a down day - and we agreed that it was good for something like that to happen, a necessity - we are on our onward march, once again. The drop we had yesterday, we have more than covered that and moved forward.

At one stage we looked like we will finish in the 60s for once but that was not to happen. Maybe profit taking - it can be - there has been a massive rise in SP in last 8 days of trading and many are sitting on good gains. Depending on each individual strategy and risk/reward management, I won't be surprised if some exit completely - but I would think most would only take a portion of the table since this is still so bullish and still a long way to go. Also shorters - they have been active, though they are not in big numbers. I have looked at last few short sell data and around 300k to 400k shares are being shorted. You would think what would shorters do in such a bull run? I feel they come in when the price has moved forward and then start it. Eg today they could have come towards the end when we were looking like going mid 60s and became active to push it down. I am just making a guess but its possible.

Yesterday I had said that we had our VWAP of 59.1c and we finished at 52.5c. I had said that I am expecting those big buyers to come back today and we will give them the responsibility to push it above their buy VWAP of 59.1c. We retail may be slackers, but the word given in the pub by these buyers are for good. They came and did their task - clinically.

Personally I did some trades today. As I have told before I love to trade and 30% of my holding is trading shares. I sold around 15% today in morning at 62c but as I could see that this looks good, when it retraced I bought it back at 60c. Yesterday I picked up a small number of oppies at 38.5 - I let them go today at 45c.

What next - As I have said before my numbers for this stage of trading is 52c and 68c. We gain did a slight dip below that point of 52c but bounced back quickly. Now we have done 3 days of trading in this zone. Normally I feel that if we have to consolidate it takes around 4-5 days. So I feel we are nearly there. If this is to go forward, I feel that tomorrow may be a last chance to pick up these bargains (there is no certainity and anything can happen and could go pear shaped - so please dyor and don't rely on my statement). Subject to macro conditions, asx/Li sector etc behaving, there is a good chance we may make our first journey to my number 68. Also, all going well, we may have our first finish in the 60s. ESS is on to something - there are some big boys who want a slice of it while it is still very undervalued - and they are committed. Again I get a feel that some things have happened behind the scenes, in a positive way, that has given some clear signals to some big buyers - get in and you will be rewarded. I have a feeling they are not done yet. Lets see tomorrow how greedy they are - all the best.