Matt,
this is just opinion, but while I suspect the sp is about Thailand, I do not think that it is people "stressing" about the specifics of the situation, which I understood to currently be calm.
Seems to me that some will have a policy of not holding stocks where operating under conditions of coup, and some whose mandate actually forbids holding such stocks. These folks will in effect be forced or distressed seller atm. It may take longer than the Phoenix drill for these folk to fully exit, but they will not cease simply on any further "calming" of the situation.
Until these folk fully exit, or sufficient fresh buyers appear, the sp may reflect fundamentals ( and technicals) less than normal.
Of course a good Phoenix result would quickly flush the last of these folk out.
EL
Matt, this is just opinion, but while I suspect the sp is about...
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