volume, page-47

There is no doubt that there is someone exiting PNA and has been hard at it for a few weeks now. Most likely a hedge fund unwinding its positions in commodities.

It is a harsh reality but has provided some excellent buying ops.

In this market there is no harm done in protecting your capital and again this will be having an effect on the sp as the old ‘in for the long haul’ has cost investors millions over the last 12 months.

Caution is prevailing in these markets and I have been buying PNA on dips with a very tight trailing stop it has worked well

I am in again today at 59 and will follow it with a trailing stop. If all goes well then it shouldn’t be triggered. At least I can relax knowing exactly what the worst case scenario is.