new look for newcrest, page-59

opTrader, I see where you are coming from, but let me turn it around for a minute , and imagine you had been long the stock from April 2003 (when it was $6 a share) and you have ridden the beast up to $40. Well done, you've made a stack of cash. In fact you've made so much you don't mind giving a bit back if the stock start turning down. At what point do you say "I've given away enough of my profits, I'm not going to stay long any more" and just take your cash off the table. Its easy to see why investors get it so wrong a lot of the time. They fall in love with a position, and fail to adapt to changes.
What we have witnessed in NCM in the last 18 months is really no more than longs throwing in the towel and taking their money off the table. The quicker they did that and realised the change in sentiment, the more money they made or retained, or the less they essentially lost. To not recognise a major bottom in a stock when you've been short, and continue to take out more short positions into a rising market to try and make it better is akin to doubling down.....very foolhardy.
Just saying....