I agree with you. I'm not attempting to make a case against CCME's price action, there is a lot of macro and China specific issues going on causing a lot of volatility. I am simply observing the effect that these issues, and anything else that might be contributing to what appears to be a lot of turnover in institutional ownership.
I think if the institutions that bought in prior to the major run up were all still there the floor would have been higher, like $18-20, because so much of the float would have remained locked up. The good news is that there is heavy enough accumulation at the $16-17 level to prop things up in light of these macro issues. I think we are back to more retail ownership at the present moment, but that is being flushed into institutional hands rapidly.
I'm dying to find out who the big buyers are, because coverage should come soon with these price levels. If GS is adding here in a major way, I'd expect coverage within a few weeks at most with a $30+ price target.
