Ann: Response to market commentary, page-100

Agreed. NXL has always been institution heavy . If today’s early volume VS price is anything to be used as in indication , it says to me whoever the institution that wanted to quit has done so and sells from panic retails has also dried up. SP now back above the water for big shots investment banks. It’s worth to see the changes on holder % profile announcement to get a feel on who’s selling and buying. In the short term I think the SP will stay cautious after today’s bounce as there is still pressure to come from Nasdaq. The good thing I see is Nasdaq correction may draw to a close soon after recent selloff and the negative sentiment towards risky asset ( High P/E tech shares) will have a respite and risk appetite will be back in the market albeit more cautiously than it has been .