I'm with you BB. Against my feeling that the broader market might have topped out for the time being, my sneaky 20.5c buy finally went through today. As always, my first thought was "great", and my second thought was "why havent they gone to 25c yet, i dont want them anymore"!!
CNM is an odd stock (or perhaps a typical one). My experience has been that when the selling pressure looks intense and i think i have all the time in the world to buy, and i dont, it turns around quicker than i can react. With CNM, all the buyers just step out of the way when the going gets tough and then scramble to get back in when it turns.
Usually, the buyers only return because of a nice bit of news, which mostly occurs, as is the case now, when there's no immediate expectation for any. Although there could be a full environmental impact assessment for Albany released (perhaps followed by an "investment decision"), a prelimary env assessment for SA, a licence area for VIC (unlikely yet), Binningup(??!!) or something on the international front, the next obvious reason for buyer momentum returning is probably a month away as people get in before the August REDP grant announcements. Mind you, often when i think there is no news to watch out for, CNM pull a rabbit out of the hat - it's one of the reason i bought today - 20.5c isnt a bad price IMO and CNM have a habit of frustrating those who dont buy on weakness (well, that's been my experience anyway).
So whoever is selling, i dont really care - 20.5c is fine by me and i'm happy to ride out the next month with those extra shares and punt that they'll be up sooner than it now seems likely.
CNM
carnegie corporation limited
