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hi all.
more movement to the downside last night with the dow down .34% on concerns about tonights USA labor department monthly report on employment, rio adrs down .28%.

usd index down on concerns moodys may put the USA govemments Aaa credit rating on review for a downgrade.

the vix looks to have traded flat last night.

both copper and oil where up a little overnight.

weekly chart, because yesterday we closed above the fib support level of 79.78 i feel we still have context for a daily confirmed uptrend, that in turn keeps my weekly in a unconfirmed uptrend.

daily chart. the .618% support fib 79.78 held yesterday so i still have rio in a confirmed uptrend on the daily(just) on the positive side most of my lagging indictors did not retrace much after yesterday move down. today could see some bargin hunting.
the other day someone posted looking for a sp target, here is citigroups read looking at the value side.

Citigroup believes that Rio Tinto (LON:RIO) has never looked cheaper, so it is adding it to its list of most favoured UK metals and mining shares. The investment bank said that after highlighting a de-rating on Rio Tintos price-to-earnings multiple a few days ago, now the de-rating on an enterprise value/EBITDA basis is even greater.

At 42.67 each the firms shares now trade on an EV/EBITDA rating of around 4.2x, which is at the same level the stock traded at during the height of the financial crisis in 2008.

here is the link.
http://www.proactiveinvestors.co.uk/columns/broker-spotlight/5497/broker-roundup-meggit-rio-tinto-lloyds-rockhopper-solo-oil-aureus-mining-hummingbird-resources-ovoca-firestone-diamonds-synchronica--5497.html

just my 2 c worth. DYOR.

have a good one.

582