bounce back

The other thread was locked so as I wanted to answer someone's question in relation to the selling late this arvo, here is my post.

The only pre-announcement dump I've personally seen on SSN was the day before the Ripsaw 'duster' announcement. However, unlike this afternoon, the Ripsaw announcement traded a substantial high volume of over 123 Million shares in two days (the day prior plus the day of the announcment) and the sp dropped 19.26%.

Within 3 days of the announcement, SNN had traded another 228 million shares and the sp had increased by 32.46% The remarkable turnaround was achieved by the announcement regarding the initial flow results from Gene 22-H well.

If you look at the chart, even if there is a negative announcement (can only recall one so far this year), the sp seems to bounce back extremely well. This I believe is mainly due to the project laden itinerary that SSN seems to have in place. Just when you get over what ever the news was, whalla, there's the next project drill to concentrate on. It's never ending and August, September, October 2010 seems no different.

Today's volume was relatively light with 22million shares traded and to put things into perspective, most of the trades today were at 7.4cents

16 trades at 7.1
68 trades at 7.2
53 trades at 7.3
110 trades at 7.4
41 trades at 7.5

Only 6,229,297 shares were traded in the last hour of trade, which realistically could have been a couple of longer term holders as the sell parcels were quite large.