Well it was a long time coming.A couple of encouraging things to...

Well it was a long time coming.

A couple of encouraging things to take away.

1. If management had any skeletons, they would have to have revealed them in their response.

2. There is a lot of volume moving again this morning, on a modest improvement to Fridays capitulation. This probably means that those that have to exit or gone or going. Shorts will cover as the risk reward for a short is gone.

3. NAB may shortly announce they are out, which would help explain the volume. They have 3 days to do that.

I think we will see a modest recovery in the price up to the earnings announcement. Earnings will be good and I expect that the EBITDA multiple discrepancy will have to close.

The key to where it heads then is outlook. There is plenty of scope to cut capex and sweat assets and this in my view is what they should be doing. Cut that 300mil capex budget to maintenance and buy stock.