Reasons for the ITH move todayThere is still a huge appetite for stock in Europe. Yesterday and the day before Merrill Lynch sold 966,000 shares with that overhang out of the way and with the gold market heading towards old highs the large funds are once again accumulating.
Another interesting development is the short position which has seen a decrease today of 986,000 shares. The short position is now 371,000 shares. It looks like some short term players closed off their positions after receiving their shares from the $105 million financing but the big boys continue to accumulate.