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7/21/08

Trading Post


Rumours about RIO buying FCX are not going away round here, despite the denial-that-was-not-a-denial by Vale spokesperson Friday. The persistent nature of the jungle drum is interesting. Stock is up nicely today. I didn't get my lowball fill Friday, so still totally neutral about all stocks involved, FWIW.

Juniors may be getting low volumes, but there's plenty of green on my screen. DNT.to, MDR.v, LA.v, IPR.v, FVI.v and plenty others. Pick your own favourite.

SIL moving up with the silvers. Has this thing finally found a bottom? No real opinion on the stock valuation, and I still remember the total mauling the mgmt got at its conference call. Made me wince to listen to the Wall St suits whack the SIL guys and how they didn't have the specific answers on hand time and time again . I mentally pegged it "revisit in 2009" after listening, but a 13% rise right now (from rocky rock bottom PPS, must be said) does pique the interest.

Argentina's Merval index is having a great day. Pampa Holdings (PAMP.ba) is leading the charge along with other beaten down utilities (TRAN, CEPU) and banks (FRAN, BMA, GGAL) These local names getting a relief rally on the gov'ts decision to abandon the export tax fight.
If it were anywhere near being a serious country there would be a whole hatful of cheap stocks to recommend. But it isn't, so extreme caution is needed. Telecom Argentina (TEO) is still my idea of "best of a bad lot".