When a correction finally gets going, it could be substantial. A lot of US/global Instos are sitting on big profits after the lows of March.
On the other side of the coin, a lot of Instos didn't buy at the lows- fearing worse was still to come- and are now poised waiting for a pullback to pile in before the market moves up again. I reckon they are feeling pretty silly about missing out on one of the biggest rallies in our lifetime and need to start showing some profits pretty quick. So while a correction could be substantial, I think it will be sharp and shortlived.
Being specific, FKP has a myriad of Instos who hold stock from the raising at 40c so that's why the 80-83c level was a little tough to crack as some started collecting their 100% on that part of their holdings.
Substantial weakness in the market could see FKP hit very hard as the instos try to lock in their big profits. FKP price movement since early Sept. indicates indecisiveness in FKP stock at this point.
Well worth still holding med. to longer term though.
FKP Price at posting:
58.6¢ Sentiment: Buy Disclosure: Held
