Mustangman:

You write:

"In general NOT is sound and ready for the next commodity bull run. It may not be now but if we wait we'll be riding it as a group."

I rarely watch the talking heads on BNN these days, but there was a very good segment yesterday afternoon with a fellow by the name of Clement Gignac. Unfortunately I haven't been able to find it on the BNN site.

He felt that a recession in the USA started probably 6 months ago, and that recessions run 12-18 months. Moreover, stock markets will send positive signals 6 months or so, prior to coming out of the recession. Probably around June of 2009. Could this be the possible start of another commodity bull market? And will NOT be part of it? I think so.

Another point made by Mr. Gignac was that the world has a FINANCIAL problem at the moment, not an ECONOMIC one. The economies of the world including China and India continue to grow - albeit, maybe a little more slowly.

(I also noted this morning that the LIBOR rate is still very high. The libor rate, I believe, deals with the global fill rate of shipping traffic. I may stand corrected on this. But if this is the case, clearly world manufacturing and commodities are still strong.)

Noront will stand strong after all of this financial chaos. Richard Nemis and his team have done extremely well, and his investors will reap their rewards. While the world financial community corrects itself, the NOT drills are a-drillin', ready for the market and commodity upside swing in late 2009.

IMHO

Snug