uk chart, page-7

I wouldn't be surprised to see a tilt at 38c tomorrow. I know that the stock has gone for one heck of a run today and that maybe a breather would be useful however there just seems to be a heightened sense of urgency with this stock at the moment.

Having said that I get the feeling that much of today's action are the Johnny come latelys (not that I am dissapointed at them getting on board) given the relatively little licks that went through today when I was looking at the course of sales report. I suspect that the larger players are more or less set and waiting the big news to come.

JP Morgan have had a long term interest in this stock from memory however when you sit down and figure out that they have about $20 Mil tied up here it becomes pretty apparent that they see something that they like. Certainly not small potatos (that said though they are a major investment house and $20 Mil is not that big a deal for them).

One pretty positive thing that has come about now that JPM have put their necks on the proverbial block is the amount of excess liquidity that has been swallowed up by JPM, Frankie and NS. Somewhere north of 200 Million shares held between these three players (my calcs assume that NS and Frankie haven't gone fishing). Also note that BHP have a few as do ANZ Noms. Over the course of the last year the register appears to have really consolidated with some good anchor investors. This certainly will assist in pushing the price along IMHO.