Hi Scott

TNX for the support .I'm also focussed on the indexes and mostly the US SP500.If you look at that chart the index has improved very much compared to for ex. the European indexes.

Only the German DAX is almost in line with the US indexes but the French CAC 40 the Dutch AEX etc. are just over half.So with only

Maybe the SP 500 can reach 1400 to 1450 but then we'll face more and more resistance I guess.In fact at today's point is also a hard piece to break but so far markets are strong.Based on what I hear and read about orders for companies next months to come could be good so also earnings will be nice.In Europe and I guess in the US or Canada wages are under pressure because of the reformings that are needed in many countries so companies will take advantage of that .The Union forces are much lower then before for negotiations on wages too.So in that view it could be possible that the SP will reach 1450.Then it will be a guess what will come later.So based on economics so far the air is brighter then it was past years so are we back on track for a bull run or is it just a wave up .

Looking to the chart of the SP 500 I draw the major fibonnacci lines based on the highest top and after the low of the crisis.So you see that we recovered now over the last major line at 62. %.Normally we can make to run to the high again .So if the indexes can fix that I don't see no reason why CLL should tank .Of course nothing must happen with the production.

So Scott based on your good analysis of total production and an oil above 80 is CLL then overvalues let say around 2 cad $?