Whaler,

Looking at those graphs a little differently, what doesn't seem to belong is the spike in June, both in price and volume. If that spike was not in there (and we don't know what precipitated it), I think the graph of the SP would be quite similar to the TSX and the Ni price: a slow, steady march upward.

Then the downward drift over the last 3 weeks or so could be chalked up to the summer time blues and lack of news.

I suggest that the SP is tracking the Ni price and TSX level in a macro view. IMHO.

Cheers,

Bluenoser