As I indicated few days ago we had a technical sell signal at $1.22. This was a part of the longer sell signal activated on August 9 at $1.44 and interrupted by some buying related to CLL index inclusion.

Today we had a touch down at $1.17 (a 2010 triple bottom) which worked as a resistance triggering active buying (possible smart money covering their short position).

Ideally we should see retest of this bottom and move to $1.27 providing general market condition will not change (VIX is moving to $24 which may suggest the market top).

On the CLL corporate front things are looking good. POD1 and Algar are increasing production and we should have Algar Commerciality news very soon.

Q3 is almost over and the numbers will not look good. Refining margined drooped to lowest level since disaster Q1. NG prices were lower then in Q2 and Bitumen prices were much lower then in Q2.

Hopefully bad news is all priced in the CLL SP.

PS. Some poster concentrate their effort on the CLL construction successes and the great engineering achievements. This is all nice and commendable but at the end of the day it is all about numbers (cash flow to pay the bills).