good run, page-6

Part of that massive run yesterday (and likely today) would have been short covering. Look at the massive volume of short related shares traded yesterday:

http://www.asx.com.au/data/shortsell.txt

of 18,402,842 shares traded, 5,814,829 were short related (32% of total trades) this is a massive figure.

Tomorrow's data (for today's trade) will likely report a massive % as well.

Seems to always be the case that plenty of shorters are trading FMG, the lesson for day traders is to get on and off the swings as the shorters cover in fear.

Chart patterns used to show less steep upwards movements compared to downward movements, i.e. going up by the stairs and down by the elevator, due to fear being more powerful than greed, but with short covering, fear drives the price up as well as down, so we get the violent swings up like we have just seen on shorters favourites.

For me it doesn't really matter that much, I'm a long term holder, but I could be tempted to trade this when volatility skyrockets. I guess we might see some further consolidation, and may have to wait for the shorters to load up the spring again.