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18.5¢ summit minerals limited

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Quantum Torus

28,610 Posts.

252

28/06/24

17:24

Post #: 74525710
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Originally posted by Animinimoso: ↑

Argh what a day. Oh well not much I can do about it. I could whinge and complain but that would achieve nothing.

Doesn't look good short term. I regret letting greed cloud my judgement near the top I should have completely free carried my interest.
I can't get over the volume - seemingly endless. I get that there is a lot of market participants, but with low SOI the shear volume of the sell down is immense - going off today's volume its near 10m just on the ASX alone plus 7m or so yesterday - roughly 25% of the FPOs have moved in 2 days.

I can't speak for everyone but my position hasn't changed one bit (regrettably), so that chunk hasn't hit the market. Where the hell is the supply coming from? GBAs stake can't move as its still escrowed. Can't be the directors or else it would have to be declared...unless that announcement is coming, and if so that would be 'political suicide'. Someone made the point it could be Sandro, but I seriously doubt that, that would suggest he has no confidence in the resource, why sell now when you could sell later for a significant amount more - Also would be political suicide. Even if it was him, that's still only a fraction of the volume presented last few days. If it were every person that took a position in the capital raise selling out that's still only 10.8m...

As I said yesterday a pullback *had to happen* as it went way too far way too fast, but the ride back down has been just as fast - not at all confident it will stop here either unless something fantastic drops on monday and even then probably won't stop it but may slow it down a bit.

I'm baffled.
Gonna stay off Hotcopper and Westpac for a while for the sake of my own sanity.
GLTAH.
OP.

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good move Anim

sheet does happen

Last edited by Quantum Torus: 28/06/24

SUM Price at posting: 34.0¢ Sentiment: None Disclosure: Not Held
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