Agree TB, BHP and FMG down about 1% versus Aus close after adjusting for Aus $ decline. My trading model, which ignores the MIns re rate story, suggests MIns opens around $23.20, and i'll be buying at those levels.
I did some more analysis on the Norges substantial after your notes yesterday, and it's clear to me the traders in the investment bank around Norges and the Shorts have absolutely no idea what they are doing. The average buy price over the period is $24.44, and the average sell price is $24.19! So they are selling 1% below where they are buying on average.
This is an outstandingly bad result, as they have the flows going both ways, so at the very least they should be able to cross to themselves and achieve the same buy and sell price! And with the information flows they have at start of market each day on buy and sell flows you'd think they could beat VWAP on both sides, but instead are missing VWAP by about 0.5% on each side each day on average.
Here's to the little punter beating the IBs with our superior analysis.
MIN Price at posting:
$23.68 Sentiment: Buy Disclosure: Held
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