Was the reaction to the QANTAS result yesterday a classic example of investor psychology

Was the reaction to the QANTAS result yesterday a classic example of investor psychology? The headlines alone following the result would have been enough to make many investors throw their shares out the window. Indeed QAN is so out of favour that of 8,000 people polled by the Sydney Morning Herald 68% were sellers saying they would not go near the stock. Yet despite this barrage of negative sentiment the stock was one of the best performers on the day and rallied 7%. So the herd was not buying but somebody was. Peter Cooper, Managing Director of Cooper Investors says, Most of the money can be made where others have lost money... In industries and companies where there has been a lot of stress it really presents opportunities for new investors. Whilst I don't have a view on QAN the highly emotional reaction to the result has been fascinating.