at the turn of the tide...at first light , page-121

Lance, Bots, Niqo, Mitta and crew - gooooood morning.

Most has been said regarding the action last week already above an I agree.

Friday also stood out for a couple of other reasons.

It was the second day we beat the market and on increased volume which was good. Only small vol increase but we will take it a a good sign.

The other thing I discussed at some point on the weekend that I think is relevant is that the gross short selling activity reduced significantly from about 2.3M shares a day to 860K on Friday. (You would think on Friday being a quieter day they may try and push it around more)

Now the ASX data is gross and does not take daily cover into account however the fact that shorting activity is reduced sort of tells me that the short end of town may be factoring in a trend reversal.

Now Mushashi and Bots from memory last week were looking for a double bottom formation and that would signal a trend reversal.

I think that may be looking good ATM, real good, but I am still looking for confirmation from my old mate %R which must get up over 50 IMO currently sitting just under 80 so still in oversold territory as is the SStoch.

The MACD has started to rise.

The situation I want here is similar to what we saw in these indicatior on 17-18 Jan and it is verrry similar indeed. And that was the rise just before the TOL was approved.

The exception? VOL was 20-30M in the preceding days.

So today...hmmn.

I think up again maybe breaking that 92c mark with an increase in Vol to about 17/20M.

The potential lack of churn again from our short selling mates is a factor that tells me that Fridays vol was better than the number suggest. If you take the 2.3M short sales from the preceeding days IMO this makes Fridays volume "worth" more.

The other factor I see is that most weak holders are probably goneski's by now and if you are holding now you are holding for the TOL to be issued.

If the volume does increase today they may very well have to pay more to get a hold of the shares.

So regardless of what we see V wise I would rate it a rising SP day again. If the volume increases I can therefore see a larger spread and higher SP (even on lower Vol if it occurs).

Where to? Look a punt says that we will break that 92c barrier in the least and close up at 95c-1.02 depending on how tight people will be hanging onto the shares.

At this point you cant pry mine loose with a jackhammer.