After a week like this, with Mr Market showing true irrational form, perhaps it would be useful for folks to reflect on PNA the business, rather than the sp Mr Market has temporarily assigned it in his tantrum.
We had a great quarterly report, few 6 months ago would have expected the poc to even me near $3. We had no nasty surprises this quarter, the production outlook looks good, exploration and development all going to the best expectations of many of us.
China hasn't fallen over, in fact it has had to tap gently on the breaks, India and pretty much the whole southern hemisphere doing pretty OK.
We got hot money into PNA, including the new years crowd that pick stocks once a year based on last year, we got those following the momentum, following broker tips, and following copper as "hot". We probably got plenty of the margin and CFD players. This week we will have seen lots of fearful, and probably a plenty of forced selling.
Fear and Greed. Greed took us 5 to 10 cents too high imho, and now fear probably the reverse.
I don't see the business falling apart or in any way more impaired than when we reached 65. In fact I am slightly more confident that it is on track.
Anyway time will tell.
We finished near the low for the day, and I expect quiet a few margin calls wrt PNA on Monday after a 10% one day fall, when already so far down. The bottom might yet be a little lower, but there will be a strong rebound soon imho.
EL
PNA Price at posting:
47.0¢ Sentiment: LT Buy Disclosure: Held
