Read Davy's post, Woll. His numbers are right. LME Ni...

Read Davy's post, Woll. His numbers are right. LME Ni inventories cracked below 200kt last night.

The ***** LME inventory data lags by 1 full trading day. The 30 Day Warehouse chart is actually as at Fri 11/01. The alignment of the date scale shown is somewhat confusingly shifted a little more to the left than it should be. Fri 11/01 it was 201,096kt and yesterday it dropped by another 1,1554kt to result in 199,542kt. The drawdown since Thurs 09/01 is impressive looking but looking at the 6 Month and 1 Year charts the drawdown is on trend.

Personally, like Davy I think there's more inventory drawdown to go before the market get itself in a real lather. (lol re- bubble talk at this very early juncture).  That said, we are entering the beginning of the 50-year anniversary of the original Poseidon Bubble that culminated at end-1969... (the Gann nuts out there will get all moist and twitchy at that thought - lol.) 

The NP is up 8% from the recent New Year low. I'm starting to think that Florence might have played a private NYE gig to the in-crowd that her publicist kept secret from the unwashed. (lol)

Producers will be the first trains to leave the SP appreciation station. Wannabes (like us) must wait for the broader excitement to build before any hot money comes our way to bid up the SP in earnest. If BMM are gonna do anything they'll want to pull their fingers out pretty soon. Hopefully they've worked out by now that they're on a hiding to nowhere if they think they can take us out. They can have my shares, if they want... for 50c (special early bird discount, but only valid until Friday!).