Some investors must think the pending legislation has something...

Some investors must think the pending legislation has something in to accelerate the mine-approval process. It could have, if Arizona's Senator Sinema had been concerned about a lithium mine in her state, but she is instead concerned about the Native American vote and the uphill battle that her Congressional colleague, Rep. Tom O'Halleran, will have in District 2, where AZL and many of the state's Indian reservations are located. Supporting AZL in that area would be the kiss of death -- the cowboys are just as opposed as the Indians, on that issue.
I suspect in another few days, the automotive industry will make clear that they cannot produce vehicles that qualify for the new tax credits, even using lithium bought from American mines with Chinese investors. The ETF for lithium stocks, LIT, is up only a modest 2% this morning. I'm happy that the Australian company investing in Arizona rare-earth mining, ARR, is also showing impressive gains. But this is like a lightning strike -- when the storm moves on, it's time to count the dead bodies.