is it opposite day today?, page-5

This is probably the best position to be in. ASX is near the 4500 support low, Euro fears are near being digested (investors have probably factored a Portugal and Greece default already), US data now on a rebound.

I'm not going to get tempted into discussing the tax proposals, which at this point still hasn't been drafted. We still do not know the scope of the tax, whether it will just target BHP and RIO (and like sized companies [Lihir/Macarthur etc.) or the sector as a whole.

All these off the cuff comments in the press - like RIO dumping billions of $ in projects (when they haven't... yet) is just adding to the volatility and is making the uncertainty worse. Good time to buy though.