Preopen looking juicy, page-34

Regarding the SP activity...
The disappointing part is that we wait seemingly forever for major events to occur.
In this case the most recent event was the Merck involvement.
We understandably expected the SP to escalate to a higher "Market valuation".
It tried to do so; the preopen on the great day showed almost one million to buy... and 200,000 to sell.
The SP opened at 76, rose to 78... before capitulating.
What causes this?.... sellers, for whatever reason.
Bear in mind VLA has historically fluctuated on relatively small volumes, so it didn't take much to capitulate.
I also have concerns with punters who max out their credit cards to buy shares.... hard to comprehend that one.... but as a result they will be driven by different emotions than those trying to give the SP time and space to move according to latest announcements and fundamentals. I sense there are more of them out there than those who admit to this practice.
So now we find ourselves in a situation where normally fantastic news has lost its effect on the SP.... it has been a wasted measure of progress... for the short term at least.