dropping, page-9

Mike,

Most resource stock charts have looked woeful for days, if not weeks. Also most charts look woeful both near the bottom and halfway down the slide, so all I can conclude is that we are closer to the bottom than the top, and that until we at least see rio and BHP stop falling people will continue to sell smaller resource stocks such as WSA.

Cash margins will still be reasonable for WSA but after ITDA pickings are going to be looking pretty lean.

EL