and grant62, page-2

Hi Elie,

On 13/12, when I originally responded to your query, I honestly thought that it could drop back to the early 60 mark, having earlier revised my position from the 57 -62c range.

In reply to Loric (11/12), I suggested that:
"You may well be right, but for now I will remain stubborn and stick to my 57 -62 range".

At the time, SLX was trading @93c, and since then has come back to 70c (twice), and subsequently rebounded.

Also, in response to Arthur (10/12), I made the following observations:
"The price peaks to which I referred in my earlier posting loosely equate to the following fundamental events:
1)
Project updates and FY02 financial results (released 11/9). Here, SLX trading went from 57 (pre) to 65 (post), and settled back at 60 (1 week later).
2)
Development Agreement with USEC (released 16/10). Here, SLX trading went from 25 (pre - 2/10) to 62+ (post -21/10), and settled back at 55 (~1 week later).
3)
AGM and investor's presentation (released 27/11). Here, SLX trading went from 54 (pre) to 62 (post), and back to 53 (~1 week later).
4)
Sumitomo Collaboration (released 9/12). Here, SLX trading went from 53 (pre) to 77 (today's close), and is yet to touch back".

On 13/12, I then commented in reply to your query:
"My earlier postings on this suggested a settling back at 57 -62. Since then, ind-depth support has factored in at 65. This suggests that the pullback could go to the mid to low 60s, but not much further than this".

Will it, therefore, go back to my originally suggested settling range of 57 -62c?

Not, likely.

What about my revised mid-60c range?

Based on the fact that twice, since posting, SLX has tipped out @70c, suggests that a mid-60 retreat was not possible.

Based on this, I returned to the stock last week when it last touched out @72c.

As for the Sumitomo impact, I can only suggest the following:
1)
the Sumitomo announcement took SLX from 53c (pre-) to 93c (peak), and back to 77c (23/12, close);
2)
from its 53c pre-announcement position, SLX is still trading @45% above its 13/12 close, down 17% from its recent peak, and is still going strong 2 weeks later;
3)
the Sumitomo collaboration, therefore, represents the first time since the late June USEC announcements that:
****
SLX has returned to above 70c, and sustained its position there;
****
continued to improve upon its gains (ie: immediately, post announcement); and
****
2 weeks later, is still trading above its pre-announcement trading price (in this instance, trading @76c, vs the 53c close on 13/12).

So, where to, now?

Chances are, SLX is finding a new trading range in, or about, the 70c mark which will sustain interest into CY03.

All the best with your trading endeavours, Elie, as 2003 will be a lot better than 2002 has turned out to be.