My suspicious guess is; the funds were not correctly hedged for...

My suspicious guess is; the funds were not correctly hedged for a positive outcome. Meaning they now have to close short positions and accumulate for a while before pushing this higher.

The SP will not go anywhere without funds buying. They won't push it higher unless they have a profitable trade and need to be overweight from the current underweight holdings they may have.

TLS may go down to hit some stop losses and to close shorting positions so patience will be required by us traders. Unless this goes near $5 I will just hold for the dividend if unchanged will total 43.6 cents with franking credits included in the total using my formula.

Maybe TLS is not out of its bear trend though the risk/ rewards are in our favour. I predict a market crash will come this winter some time with TLS creating its own path regardless of the XJO. Telstra will trade on macro factors including the complicated NBN.