Re the supposed lack of buyers - don't confuse buyer exhaustion with lack of buyers. Prior to last week (4C announcement week) the 13 week average (both exchanges) was 3.025M/week. Last week 5.389M shares changed hands, plenty of buyers there. This week so far 1.502M shares changed hands in two days, already about 50% of the weekly average. Much of this buying has obviously come from off screen.
So there has actually been a good buying response to the selloff. Not surprisingly after such an effort the on screen buyers are exhausted. However 6.891M shares have been bought since the beginning of last week so plenty of buyers thought the prices on offer were good enough to take the plunge.
I wasn't here during the day yesterday but I recall that the buy queue last night post close was down to about 375K, that looks like exhaustion to me. This morning at 8AM it is sitting at 494K. I don't know how it will play out from here, buyers will obviously be wary because sentiment has taken a hit as the SP has fallen post 4C. Instinctively I would think a bounce is not too far off, looks way oversold to me but depends if someone is offloading by taking advantage of the 4C, which it looks like to me and whether they are finished or not.
AJX Price at posting:
47.0¢ Sentiment: Buy Disclosure: Held
