This does not surprise me, many comments on this forum of some one playing this stock and I as my portfolio shows many others. I hope they get bored soon. I am tired of my daily dose of bread dripping (cant afford the salt) waiting for this to turn around.
The Australian sharemarket has so far fallen more than the US, which is surprising considering that our market is dominated by resources stocks that have gone up, not down, and banks that are supposedly the envy of the world.
A part of the reason for this is that US hedge funds and investment banks have been nervous about doing too much shorting of Wall Street because of the potential impact on their own businesses – a kind of “don’t crap in your own nest” syndrome.
So they looked for other liquid markets to play in. And apart from being a long way away, Australia has the added benefit of a very large pool of stock, some of which is managed dozy or stupid individuals happy to lend it to short sellers.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
