Hey Kevi,I dont think the dumping today was too much to be...

Hey Kevi,

I dont think the dumping today was too much to be worried about. The Cornell selling was executed by brokers who dumped in 250k, 200k and 100k lots at regular intervals on the sell depth. We didnt see that today.

The sellers that you would have seen are IMO

1) Day/swing traders bailing with profits from the last few days

2) New longs spooked by the market copping it and hence exiting

3) Profit takers from the mid teens who did not get out during yesterdays euphoria and taking what they can get today.

I still think we will rally hard to the 29th and I'll mention it again, we are effectively doing a placement at 100% premium to the current SP.

All in all, I'm very positive on CMR.