As an alternative to the usual big boys and insto are manipulating theories, I believe that some of these sharp rises and subsequent falls in SP's are a function of the sheer number of gamblers on the ASX. Combine that large number of gamblers with a whole stack of stop losses and you have the recipe for the wild action that we saw today. Think about it, +400m shares traded and not a single change in substantial holder notice in sight - yet.
Very odd indeed - well unless you think about a rational alternative i.e. gamblers wetting their pants and jumping on then off and then on again and then off again etc. And while all that is going on stop losses are getting whacked.
So much hype and it seems to feed off itself and gain a life of its own. One negative comment and another 200 seem to follow.
However, I believe one thing for sure - irrespective of the price action today - not much has changed from the day before.
Still, I could be way off the mark.
Was bloody good fun to watch though - exciting stuff
