My take. A few people got excited over a rumour and bought some...

My take. A few people got excited over a rumour and bought some more shares. Short term traders would have seen the movement and jumped on board continuing it. They then would have exited with their profits, allowing shorts to move in and drop it back. A big one day drop on the NAS would have also triggered a few ST stop losses continuing the selling.

Also, there were reasonably justifiable expectations of an announcement leading up to the investor briefings, given all major UNS speaking events recently were preceded by deal announcements. We were expecting 7 more announcements in 2013, which were pushed back 4-6 weeks according to AS, which means they are due soon. Nothing has come yet, so assume some of the weaker holders have also been exiting thinking that no news is bad news.

Finally I suspect all of the longs are fully loaded and topping up in bits and pieces. For the SP to rise and continue to rise we need new blood coming in. That will only come with new contracts, product moving out the door, and cash flowing in. Until then speculation and manipulation will be rife.