Resources Bull of the Day – Citigroup has a 14 page bit of research out on the Metals & Mining sector saying that after a 25% pull back they expect stocks to rally in the 4th Q. “In each of the previous “seasonal” corrections the market has rallied into the end of the year”. They say “The sector dichotomy is between cashed up ex-growth majors and cash starved juniors struggling to fund projects given frozen equity/debt markets. This should drive further M&A”.
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held