"The board in the end, probably against their better judgement, obliged. The announcement was good - good progress is being made - but really nothing substantially new. This deflated the eager, weak hands, and short minded brigade of the SH's who viewed the announcement as meaning that nothing substantial is going to happen anytime soon, so out! Thus also in unison, a drop in the SP which could have been avoided if common sense had prevailed"
Great summary Mick and spot on.
Its times like these that the mm uses to flush out those weak, eager & impatient hands.
The trades yesterday did not look like anything more than a controlled sell down by the strong to put more uncertainty into the minds of holders.
I doubt that there were any long term holders among yesterdays sellers but if there were they would be smart enough to recognize what is happening as we have seen it all before.
Its more than likely a majority of the volume was brokers swapping accounts.
AGY Price at posting:
7.0¢ Sentiment: Buy Disclosure: Held
(20min delay)