I think people are prepared to "step up and buy" but they are mainly the small retail punter are are being swamped by insto selling - quite likely IFL continuing to reduce their exposure,
From experience, once an insto has taken a management decision to reduce/quit a holding then that is "final" and will be done virtually regardless of price. (PPT are ruthless in this regard)
IF (and a big IF) you believe (a) the company's prospects are not as bad as the sp implies and (b), it is in fact just and insto exiting the stock, then the trick is to try and pick when you think the insto has reduced their holding to the targeted level. (a check of substantial holder notices will indicate their remaining holding).
Personally, and just for a punt, I was tempted to buy some yesterday at 27c, but held off. With CDR closing 2c lower today I was lucky (lol)
Still, I am awfully tempted to buy some tom. - just for a pure punt - all or nothing!
CDR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
