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Stevero,

Unless you value in the bs upside there is no way fair valuation is currently anything like 80 to 100. You are simply deceiving yourself. I do however reckon it is very good value in the 30's.

This market volatility is not over, we might not see sub 30 again, but it is possibly. When BHP can rise 12% in one day just about anything is possible.

I reckon today was a relief rally, a relief that the world had not ended, that the poo had not collapsed (yet), and that the abusive shortselling curse had been curtailed.

However people are still most probably deleveraging and prefering to remove cash from the market, rather than to add it, there imho the CVN sp is far from a one way bet.

You only need further political problems in Thailand, another drop in the poo, dow, etc etc and CVN could see further selling.

That all said I am looking to buy more before the next leg back up.
EL

EL