Its frustrating for NCM longs no doubt. I suspect alot of what is happening today and in recent times are algo or trading bot positions ,these short transactions seemed designed to soak up all bids and engineer stop loss selling. This mornings waterfall from $39.80 to $38.90 was only on minimal volume of around 220k - but plenty of 1 2 3 5 7 10 etc share parcels going through which is typical of bot trades. Seems to be good buying interest either side of $39.Perhaps its all part of the Plan of some larger entity looking at accumulating a position in size without moving the price - who knows.
Again for anyone without a 3month + time frame sell/move on - for value investors with longer time horizons accumulate all you can around $39 without margin imho. Fundamentals will eventually trump short term games.
The other point of interest re the strong AUD is it has certainly made some of the smaller US goldies considerably cheaper - perhaps going forward NCM will look at some smaller US based miners for cheap ounces ?
NCM Price at posting:
$39.14 Sentiment: Buy Disclosure: Held
