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28/08/14
13:44
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Originally posted by Elliot5
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Nice one gttrain, noticed same myself.
Sadly SXY is in the grip of the bear.
We have 1 exploration well Spuire-1 currently drilling (as the only news to stop the wave of selling) which is not enough to stop the power of the Bears IMO. Either close your eyes for about 2 months OR trade this thing by trying to pick the bottom. Bottom picking not for me (its dirty business) . Again I reiterate the MD has left SXY vulnerable to the shorts = period of little to no drilling past 2 months, right at the time FY14 results released below consensus. Its a feed frenzy for anybody associated with shorting this stock, almost perfect storm. I though ID was more experienced than allow those events to coincide together. So there is no bottom to this stock now support broken. I suggest LT holders, close your eyes and open them in about 2-3 months, as drilling results start flowing OR try beat the shorts at their game. I wont pick battles I know I dont have a reasonable chance of winning.
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maybe LT holders might be better keeping their eyes open just a little bit, and topping up in low 50s (assuming it gets there) - could be a very good buy.
[SXY did previously have a short excursion to 50c in June 2013, then quickly bounced to 70s from July 2013]