Don't get me wrong, Auto - I'm not saying the spot price is irrelevant. But what I AM saying is that the daily gyrations of the spot price are completely irrelevant except from a sentiment point of view for those who watch it on a daily basis.
Changes in the spot price don't make a company profitable one day and losing money the next. The fundamentals just don't change that quickly. It's like the petrol prices - they are completely unrelated to the oil price - we're paying about the same per litre now as we were when oil was $150 a barrel - yet currently it's about 1/3 of that. And don't even get me started on diesel, which is less refined and cheaper to produce..!
I just think that letting the daily fluctuations of the spot price affect your view of the fundamentals of the company may be a bit short-termish. However, you have to do what feels right for you.
Let's hope for both our sakes that the uptrend keeps going.
PDN Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
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