RE: Sp15 Jul 2021 21:12
Snue, imo it's just the shorts attacking on the weakness of small sellers and the PoO, (when it declines), and the strength of the FTSE index. Today was just a calamity as the FT100 index had 90 points knocked off the index at one point. Shorters are offering the shares at below the market price, so there's plenty of buying but it's dragging down the sp as they keep offering the tickets at lower prices.
The volume itself hasn't been too bad tbh, circa 21 million traded with 13 odd mil buys against 9mil sold. Gotta be close to cleaning up, and the question then being when they'll be buying them back up?... is this low enough for them to buy back?
Where's the balance before the MM's say "Wooah this is too much abuse" and the buys are enough for them to raise the sp encouraging more buyers. If the market see's stability in the oil sector, buyers will flood back in over-riding the shorters and MM's have to raise the sp, this'll bugger the shorters into a short squeeze, It's how I see it anyway.
PoO instability is not in our favour atm... Rocking between 73 and 76 in 24hrs..which is a bit of a wild swing imo. As soon as OPEC sort out their mess, stability to a degree can return.
Like I said this is just how I see it... Other's please chip in!