From about 11.30am BNB rallied nicely with VERY little volatility (the sign of the share not reaching its natural state) until about 2.58pm - the witching hour on a Friday and true to form - as in almost other shares that have a positive rally - the bears come back in to drive the price lower to get the DT's out of the way and to accummulate - then the usual 3.45pm turnaround where it went from 5.25 back to 5.45 - and then the fund and games at the auction.
For me the market showed resilience on Friday with many many people recognising that BNB is not broken it just has a credibility issue - exacerbated by hedge funds.
the rally said it all for me - and I rode the rally admittedly only from 5.33 to 5.69 but my reading for tomorrow is that many people will have had a chance to reflect on the position, and say - you know what the fundamentals are actually good - although I suspect there will be some immediate downward pressure from bears trying the last tree shake followed by some form of ann from BNB about their discussions with bankers which I understand are happening tomorrow am.
I am in and will be watching very closely to buy into another rally which I think will happen again tomorrow.
BNB
babcock & brown limited
