I was mainly talking about the market response on Thursday…... The general market liked what was certainly a solid announcement and set fire to an overcrowded bear cave. As i said, i was busy elsewhere and when i re-checked VET, it was already around the 12.5 cent mark with about 8m units traded and the VWAP was 10.5. That's when i thought to check the outstanding shorts and concluding that the covering rally was done and dusted.
I agree that yesterday had nothing to do with short covering, it looked a combination of follow through long buying and day traders simply responding to the mix of volume, price and news from Thursday. The latter offered the genuine long suffering longs a great opportunity to trade it a little in an attempt to recoup some of their loses. It's difficult to see the bears having much influence in the short to medium term now so apart from a bit day trader argy-bargy, most would expect it to continue higher.
VET Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
