big vol on fmg today, page-5

OK cumulative short data out, and it was a massive jump of 7,357,807 extra shares being shorted on the 8th of july.

Considering 10,933,627 shares were reported as daily short volume on that day by the ASX, that leaves 3,575,820 that was I suppose short closing volume.

Also possible that the dates of the actual reported data may be incorrect or not correctly or fully reported.

It does however tell us that some trader or many traders were heavily shorting the stock on that day, even as the SP climbed 20c higher from 420's to 440's.

This is significant considering the entire cumulative shorted amount has been averaging 20 million for the last month, and this day pushed that almost 50% higher in one day.

This pushed FMG from 127th most shorted stock to the 85th most shorted stock in one go, out of 524 shorted stocks.

I think I just won the prize for using the word short the most number of times in a post on HC.

In any case, it seems a big trader thought this will go lower maybe due to spot IO prices drifting lower, reports of china coming off the boil, MRRT uncertainty and who knows what else. If the stock fails to break under $4.20 in the next while, the trader/s will likely close out, holding up the price, and if it busts up much over $4.50, we may expect a decent covering rally, where a short and violent closing swing to the upside may occur.

Keeping an eye on the cumulative short numbers will help with prediction of the volatility in these circumstances.