Watched the last trades at 4.10pm AEST purposely sell the price down - whoever is doing it hasn't got a live update of the market (most likely on a delayed platform like Westpac with no live connection with CBOE) - so they're buying literally 4 shares at a time at the lower price, not realising it had already dropped.
Not sure who's driving it down, but my guess is that someone wants to accumulate more, or the shorter who has between 80,000 and 122,000 shares shorted at the moment wanting to close off. The price may change, but they certainly wont get that volume at a lower price. Volumes are paper thin, so whilst the price may move - only a few shares are changing hands at those prices.
It's a tad frustrating watch the USA pump overnight, and no doubt the ASX will go nuts today also. We're in that flat point where our money isn't really working for us, but there's too much risk to move it into something else that might cool off/collapse. Other Nickel mines are starting to rise beautifully, (NIC, MCR, IGO) so I think it wont be long until Nickel is the buzzword/focus. We're well placed with a tiny MC and tiny amount of shares on issue to go nuts when it does. Our re-calc of total resources will shine the light on what we're sitting on and what we're about to mine.
Lithium stocks for the most part are still way overvalued IMO. We have companies that haven't even put a date on production, nor estimated production quantities with 2 billion dollar market caps - riding on hype and the word 'Lithium' alone. There's a lot of downward potential there, and watching big shorters buy into CXO has me worried for those folk, even in the light of the recent growth.
We wait, we accumulate, and we reap the rewards. If this SP didn't move and we got to production, we'd probably have Australia's highest divvie paying - and that's very unlikely. So we'll take off eventually, but for now, we're well under the radar. Other notable big MC companies had these very same periods where there was very little interest until all of a sudden there was, and off it went.
We wait. Time in the market beats timing the market, as the old adage goes.
WIN Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
