Hey exit - in my humble opinion, the reasons for this sort of...

Hey exit - in my humble opinion, the reasons for this sort of thing are usually far more banal than they seem. Classic case in point - look at the savaging SBM took last year when Mr Ed overleveraged himself. One dodgy punter can cause spikes like this in both directions on comparatively thinly traded stocks (by comparatively I mean that BHP and so on are less vulnerable). Sentiment suffers for a while because the charts get full of static is the problem.

Could be wrong, of course, but it's a buy for me at this level. I guess we'll find out in a while if we see director selling, a change in substantial holdings, etc. But for me, other than recurring sells of 50k parcels or under I'm seeing only signs of comparatively small players exiting. A lot of people would have bought in on the back of the bullish looking nature of the charts recently, and I'd guess a lot of them would be cutting losses. When something trades so clearly out of its range and it's so clearly sentiment driven there will be reckoning.