For most people T+3 does not really exist, it is in fact T+1.
In other words if you buy on Tuesday, you have to sell by close on Wednesday to avoid committing yourself to pay for it on Thursday.
At least that is how ETrade works on my account.
So if there was a lot of people buying more stock than they could afford during yesterday's 114mn session, looking for a quick gain, then there would also be a lot of sellers who absolutely had to get out whatever the SP by today's close.
If the holders with no actual money have left the building then the sell depth should be back to normal tomorrow, in fact a quick glance at the closing depth today shows it looking much less aggressive than yesterday's closing sell depth. Which should mean the extra sell pressure is not apparent on Thursday leaving the door open for the bid side to regain the initiative.
Of course this all may be irrelevant, perhaps the market does genuinely believe that 70m at 2.7% CuEq, including 11.25m at 10.5% CuEq is a very bad result and is punishing the SP accordingly!!
All imo.
EB
AZS Price at posting:
7.2¢ Sentiment: ST Buy Disclosure: Held
