General Discussion, page-10

(There were too many threads open, so thought will post in this common thread)

Well, todays trading was clear - it was all about consolidation. The ASX did not run away like dow did on Friday, and ESS mirrored ASX - it was stagnant. We had a the lowest volume since our re-rate started on 10th Jan. Volume was around 6m shares and we were up by half a cent to 50c. Coincidentally, our VWAP was also exactly 50c - so a fair finish. It was good to be back on to the 50s after a week.

The ASX Li stocks also did well with nearly all stocks in front - but the margin was very small in front. Lot of us had anticipated that ASX will follow Dow's 500+ point increase on Friday, but it was a very tentative affair. The ASX did not want to decide the course of action and stayed flat - all eyes back on dow for us to provide direction.

Although we did not gain much today, I was very happy to see this consolidation happen. Last two days of trading we had a gain of nearly 30%, so it was important that as a first step - we keep the gain. And we did that very well. It also meant that there was no sell off by profit takers or panic around general ASX situation. I believe that we now have people with us who have bought higher in 50s etc in the last run, and they would like to see the sp much higher before thinking of profits. Trading today also reflected that.

Personally I did not have any trades today for ESS.

What next - All eyes on dow tonight. If dow does not tank, and even if it does not have a spectacular day like Friday, I think we will do well tomorrow. At this stage the anxiety is about whether we are all going down, say into recession, and every day the trading is helping to quell those thoughts. A decent day in dow will reinforce that there is no plunge coming. And if we get that tonight, we should see us move forward. As we all now, ESS being in bargain zone will be sought, it requires a bit of general sentiment change. I have a feeling its coming and hopefully we should get to the next level and trade between 52 and 68c. All the best.