beware of deadcat bounces, page-10

Both fundamentally and technically prospects are looking pretty ugly for AGM.

The last time I looked at AGM ,early July it was holding at the 70-72 level ,support ,managed to bounce to a close of 81 on 23 july and aided by the dramatic selloff to-day had the dubious honor of closing at 63 cents and getting the booby price for being the number one nickel stock to drop a massive 8.7%.

Again the stock has dropped to a critical level area and needs to hold at 60-62 failing that the next significant support is at 50-53 ,which Idon't even want to think about,as this would imply a wave four in place now ,corrective,hopefully terminating ,previously mentioned ,with a retracement of close to 100%!!!,somewhat improbable but not impossible.

It is ironic that nary a commiunication was uttered by agm during june and now in july 10-12 announcements.

However it is a pity that in all the sound and fury of all this new fangled info and updating of announcements their announcement info column in their website is once more date challenged and only shows upto the date of 24 July,dohh!!. Who said one mistake is acceptable,two are tenuous and three you are out!!.

Let us be charitable and trust that such indiscretions are not in play when it comes to churning out the nickel slurry early next year???.

Oh,by the way ,I hope you all noticed that Lion Selection Ltd reduced their share holding from 6.75 % to 5.61 % and have been selling since 5 june with last sale on 30 july for a total of some 5 million shares.

Is this the smart money selling out or simply reducing their shareholding ,you be the judge.

The Dow has opened and is sort of holding at 13195.08 ,down 16.91 points -line in the sand at 13000,if not Iwould imagine rivers of blood for the XJO this morning.

By the way there is a 3 day mining and exploration conference in Sydney starting 9 September in which AGM will be making an appearance .Time to have your say .

Dow now 13220.85 up 8.86 points .

Strap in for another scary ride on the ASX to-day.May the force be with you and make your own decisions.