CHART Thread, page-416

One thing to note is that volumes in June are low, so all you need are one or two sellers (as it appeared with the trading action last few days) to hit the bid and then some follow a day or two later. It isn't a reflection of broad sentiment. Normally with more participation, these volumes get soaked.

I am not sure whether there is much tax selling, more seasonal low liquidity and a few people who sell relatively small volumes that scare a few. The trading action suggests to me that the selling last few days was very isolated and some market maker closing auction games that paint a "picture" that isn't reflective of what is going on.

For me, June is a great opportunity to take advantage of these market conditions and soak up loose hands. I do a lot of buying and almost no selling. The time to sell for tax was last month - not chasing low liquidity. It is a Buyer's market.

A wealthy veteran investor once told me that selling in fear is for those who don't understand their investment. A weaker SP shakes them out. If you do understand your investment then you see a lower SP as an opportunity to add to the position.

BTW, out of interest, IHL has a habit of impulsive reversals. Look at March 9th this year with a probe to the trend line and horizontal support which was then reversed from 17.5 to 24 in three trading days. A probe on April 1 to trend also reversed strongly at 20 which in the next ten trading days reached 30. Worth remembering as these have been buying opportunities.