this is a dangerous toppy market , page-11

Don't forget and I don't think people have factored the risk into it, if the US slips into another recession down into late 2007, they will not be buying material from China. The US is chinas largest customer.

This would have a serve impact on China and Australia would cope a double whammy.

I would place 80% odds on a US recession of some magnitude between now and December 2007.

Please don't forget, despite the hype, this has been the weakest economic recovery since world war 2.