Breaching 28 looks a pretty tough call to me but then who's to know. 18 gave me a huge chuckle though, visions of another WS meltdown, the end is nigh fear etc. All possible but I think we might wait another 80 years for those parameters again? PNA looks hugely different to last time it was 18, and with all the equity raised would be a EV more resembling that when the sp was last about 14.
I don't know whether I am expecting too much rationality from the market, or whether some others let their charts take them too far from plausibility. [ At least I know that being on ignore this will not be taken too personally and seriously]. Who's to know, was suprised to see us come as close as 2 cents to the rts issue (so far).
I don't see our debt levels back where they were, don't see LME back at 550kt, poc back at 130, perception of our costs over $1, market fear where it was etc etc. Maybe I am blind, but I therefore would see the XJO make a new low before seeing PNA at 18, baring something like Vietnam invading Laos.
Got to think we need to thank the chartists for inputing more than their share of entertainment.
EL
PNA Price at posting:
31.5¢ Sentiment: LT Buy Disclosure: Held
