soo closes aud$.37 in germany

Nice rise overnight, on 8m+ volume...

open 21
high 27
low 21
close 23

Very similar intra-day chart to our market...and given similar volumes traded, it is not yet sure which market is in control...although, they did turn over €1.91m (AUD$3m) compared to only AUD$2m or so here.

Not unlike the situation with DYE...this is a lot of script for this ticker over there, so we may well see them buying at the open to collect any shortfalls they may be facing for delivery?

I am noticing a certain pattern develop when the "internationals" get involved....spike open, sell-down, then relatively range bound trading for the rest of the day, with lots of "flushing" techniques employed before a late surge in buying interest.

The particular patterns of trading and support at 23c for SOO in Frankfurt today, as I read it, were virtually identical to that shown for DYE at the 70c mark.

Perhaps I am reading to much into it?

Anyway, cearly an arbitrage scenario exists here...so with the German bourse currently sitting 9c higher than ours, one might expect to see more upside than downside pressure on our markets today?

Interestingly, the German market appears to have found support at 23c..if so, more upside in coming days.

Cheers!