The way the 2 billion worth was snapped up in less than 2 hours...

The way the 2 billion worth was snapped up in less than 2 hours was just mind blowing, considering the state of the economy.
I'd say you'd have a few more goes to get in at a lower price. But would you be inspired to buy if tomorrow CBA is red and 26 again? Is kind of off putting, but bravery rewards the smart and punishes the ignorant.
CBA is still at a super low level, and most will not want to buy until it's probably back over 40 again. There these people would be happy to watch it go down to 30 and still hold.

But buying it now you can let it go maybe another 4 dollars down before you'd consider getting out with a smallish loss.

An astute investor was arguing with me on Christmas day. He bought CBA at over 60, while I bought at 28. He's happy to still be holding because of CBA's yield. Thing is he's well into his 70's. I told him that he could of shorted CBA CFDs when it went below 50 as a hedge. He got angry and said 'that's gambling'! I said that 'what you're doing is gambling', as he is using hope that the price will rebound to 60 again.

This is where many of the wealthy are coming undone. They've often held on to many falling stocks in the past only to be rewarded when the prices climb back. Only this time the prices have fallen so low that most are hurting. There's confidence and then there's arrogance.

Don't confuse the two.