Although we can't come up with a compelling reason for today's excessive fall I wonder if it's acceptable to just put it down to just an another oversold event! One has grown tolerant of the rollercoaster SP but when I see it go beyond the averege movements it alarms me.
Volume was 2.5 times yesterday's and way above average. In fact today's volume was the 2nd largest of 2011!
So I do belive there is something triggering this large shift in sentiment and selling. Is it the institutions and the fear of Cu demand and China's manufacturing cooling off? I could find 10 good reasons in this economic climate.
The last 3 weeks has seen it push through the lower bollinger band 5 times without a retrace even to the weighted average line. This is a trend that is worrying but realistically can it all be blamed on the EU and US Debt?
I'm just going to put my hands over my ears now and go 'la la la la la'
PNA Price at posting:
$2.48 Sentiment: Hold Disclosure: Held
