Out of time, page-5

Hard to argue with the trend, which clearly isn't our friend until the bend in the end (if it ends). Hard to argue SFX is friendless, what ever fund is selling out has cut through retail traders or those averaging down like a knife through butter. This screen shot of the buy depth a few minutes ago shows just how friendless... only 200k shares sold and buying depth is gawn


The selling started after May's presso of the delay etc, which I was rightly disappointed with although a few here got upset at my negativity. Obviously my disappointment was nothing compared to some/all of the institutions the new Bruce took the presso over to spruik. One fugly downtrend which only accelerated since that week in Sydney. Not just have some insto's turned sellers since, none bought at 40c and still none have shown up as we sit at 30c.


I expected some cavalry in the 30-32c range, although technically major 'support lne' is 28c. SFX is infamous for savage sell downs both preceding bad news being released and afterwards. That history of insiders or those selling market rumours of failed deals must be in the back of market's mind during this sell down.... is it only the known-knowns of bad news driving the price down or is it something more rotten stinking up the place?

Two possible 'unknowns' that might put the fear of god into insiders are YS going cold on the JV, or a major insto deciding they had enough and will sell out regardless of price like Colonial did Feb 2020. The company would/might know, shareholders are the last to know, either way confidence in the stock was so trashed by the last Bruce market is too uncertain to step into the breach.

If it's neither the above two unknowns, then it's just the simple task of shaking down a soft target ripe for stop loss, tax loss selling.... a knife through butter. This downtrend will only end when insto's are prepared to step in for a bargain regardless of risks, delays and friendless situation SFX are in. Only the new Bruce can convince insto's there is no JV weakness, no fatal flaws, and no sub holder doing a Colonial. Almost interesting enough for me to break my new rules and call him up and see how confident he is for myself...