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15,799 Posts.

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30/05/16

13:48

Post #: 17901886
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Originally posted by HotCopter ↑

The update isn't bearish, it's good news I agree. I was saying that the bounce in the SP is a bit disappointing because it's only at $1.14, so on a net basis it's still down a lot even though nothing has changed re earnings. In fact the following has happened:
1) The market has risen strongly, up for 7 consecutive weeks
2) SPO is still down 12% (from $1.30 to $1.14) - AFTER taking into account confirmation of guidance and the laundries process (which as I said is a positive)
3) The strong rise in the market puts it in the territory of a possible upcoming correction, since markets don't generally go up in a straight line indefinitely. If this happens, there's a real risk of SPO going back toward $1 given it's only at $1.14. SPO has consistently overshot the market on the downside in the last 6 months.

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I agree there is def a'possible upcoming correction' across the mkt. I'd rate it 'probable'. Hence, am cautious in current climate re overexposure.

SPO Price at posting: $1.15 Sentiment: Hold Disclosure: Held
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