Some perspective for those who may be interested:
1. Less than 3 weeks ago the SP hit an ATH of $1.68. Three weeks later it has retraced to $1.64. No issues for me. Looks healthy.
2. The LIT index had a similar correction last night to LTR.
3. The DFS and Scoping Study were spectacular but they understandably begged the question about funding for such a last mine/refinery project to put us on the world stage. The question is yet to be answered and may have explained some of the SP weakness today.
4. The SP has risen enormously due to recent buying by Instos. I doubt they bought or sold much today. They are digesting the DFS and SS, but if they were in the market it would be to push the SP down and it worked.
5. Short termers and the inexperienced got spooked IMO as they foolishly believed that the DFS would be a sugar hit with instant dollars. Hubris and the stock market are poor bedfellows. The DFS will give us a hit but not until the Instos are ready to buy again. Many of those who, like herd animals, sold today will then buy in again. I bet none of them had tried to fully read the announcements. I am still going through them. It was a pack reaction to an unexpected drop in the SP so they could protect profit. In hindsight, very predictable.
6. So the true value of the DFS and scoping study is to come. It is not instantaneous. When? As I said above probably when the Instos have finished digesting them and they start to buy up again. That was the reason for the recent appreciation and so it will continue.
7.
@FlashPoint says his charts are still showing plus $2, and given his success rate I am not betting against him, unless today was the start of a major sustained correction, but I see no reason for that as everything else now puts LTR in a prime and unique position. Instos (and perhaps BHP or others) will want in.
8. I see this as a slightly unexpected (except with the benefit to hindsight) minor correction and short term blip as TO said, and we will continue upwards very shortly unless the Instos have seen something that we all here haven't. The downrampers of course always see something we don't and seem to know everything except how to become wealthy. We mustn't tell them.
9. Finally, the question which I find intriguing is not whether LTR will continue on its upward trajectory, it will, but whether BHP, RIO or even FMG have a go. I must admit that TG and TO are very convincing that this is going ahead solo and I can see why. I am also happy with that decision but we will then experience these unexpected corrections and blips along that path. I still can't get out of my head that the commercial imperative means that BHP or FMG etc must try. We will see I guess and I don't care either way. I just find it intriguing. Perhaps when TG says that we are going to be the next FMG he was implying more than we all thought.
Overall a great day as it brought LTR back to earth for a rethink before the next phase. Corrections and blips are normal and healthy. I continue as a strong holder. Many good and funny posts today as well.
(20min delay)