broker, page-65

Hi Jeffo,

It'd also be interesting to get the movement in the Options.
My IRESS shows me that the option selling has been dominated by/through Pershing (35% of all sales this year and 41.5% of this and last year) and they have also been the largest seller of the fpds (28% this year).

As you probably know, Pershing fronts for a lot of others and especially OS brokers so we cant draw any conclusions.

But of course it's likely mere coincidence that they also front for Foster Broking, TPT's new Aust broker.

Its way too early to tell, and yes, we are still guessing here but since Foster was signed, its the first time in many, many months that I've seen the Pershing platform as a net buyer of the Fpds for the month of June.

They were however, the largest (only 190T) seller of the options....and yesterdays sale of 400k probably has their finger prints but wont know until Friday.

The options were issued for 2c over 2 years ago so not surprising at all to see reasonable selling into the decay curve with switching into the fpds. Why hold and ex to be in the stock for 18c when can sell the option for 5c for net 3c gain buy the fpds at 18-19c and be in the stock for a net 15-16c?

This is why I strongly believe that the 18c level will hold.

....that is, of course, unless my cynical speculation that my old ECM brethren may be tempted to manage an option squeeze?! Lol! In which case....double down!

Maximus: Totally agree! Nuts to be selling at these levels

Cheers,