Apologies for the flurry of posts but I will be out of action...

Apologies for the flurry of posts but I will be out of action for the rest of the day and I think Zzedzz has touched on a very important point in regard to Nominee Accounts.

The following recent history of JP Morgan Nominees is a further case in point that there is a corporate flavour to the trading we have been experiencing.


J P MORGAN NOMINEES SHARE HOLDING FLUCTUATIONS

Mar-04: 3,345,366 shares

Aug-17: 4,898,439 shares

Aug-24: 3,556,495 => Sold 1,341,944 shares

Aug-25: 3,558,248 => Bought 1,753 shares

Aug-26: 4,387,358 => Bought 829,110 shares

Aug-27: 4,391,568 => Bought 4,210 shares

Sep-01: 4,395,068 => Bought 3,500 shares

Sep-02: 4,421,618 => Bought 26,550 shares

Sep-03: 4,438,420 => Bought 16,802 shares

Sep-06: 4,325,020 => Sold 113,400 shares

Sep-07: 4,325,020 => No Change

Sep-08: 4,324,895 => Sold 125 shares

Sep-09: 4,339,648 => Bought 14,753 shares

Sep-10: 4,344,535 => Bought 4,887 shares

Sep-11: 4,380,782 => Bought 36,247

Overall since March 4th this year, J P MORGAN NOMINEES have acquired 1,035,416 shares, even though they disposed of 517,657 shares in the period since the recent resource upgrade announcement.

Again the actual trading figures are not what you would expect from a major holder being bitterly disappointed with the confirmation of 1 million tons of copper sitting in the ground up at Rocklands. The share dump on the announcement and the subsequent repurchase immediately after, is more the action of 'market making' behaviour than a concerned share holder not liking the announcement and deciding to cut and run. One wonders how many genuine share holders were stampeded out of their holdings by their heavy hand in the recent market malaise?

Is it any wonder that margin levels were triggered with the selling of 1.34 million shares on the day of the announcement into a thin buying market because of all of the confusion?

One might question why the 'panic selling' by JP Morgan Nominees occurred, and why the subsequent re-purchases occurred for a supposedly dud stock?

After all, the corporates do things for very specific reasons and certainly aren't swayed in their thinking by retail opinion. My understanding is that the corporates usually have the power to make things happen and to push the markets in the direction of their choosing.

Cheers
Nev