One thing we can be sure of is that it's not down to longer term...

One thing we can be sure of is that it's not down to longer term holders selling to go elsewhere day after day because there simply aren't that many shareholders on the register, so one way or another they're mostly traders working the angles trying to make a living. I can recall my many days in CXO when the stock was rooted in the 4 - 4.5c range seemingly forever and wondering where the never-ending battalions of sellers kept coming from. After that experience I worked out that the vast majority of trading on the ASX is done by short term traders. I used to be that way inclined myself, as much as anything for the excitement, but after watching from the ground as the CXO rocket thundered away without me it convinced me that the only way to get rich was to find the right stock, buy a lot and stick with it.