OK, picture the Fed trying to pump $ into the economy but it is not flowing through the institutions due to losses on their various portfolios.

So, the 1yr adjustible rate mortgage remains above 5% despite a (cost) Fed rate of 2.25 . The mortgages should be trading off the Treasury rate but they are not. Same with corporate credit. So money is "tight" even with a low fed rate. Simultaneously, most bond and balanced portfolios/funs are way off or under water until the credit crisis eases. Houses look cheap, but mortgage money is not easy. Gold, resources and energy are actually exceptions. The interest equivalent dividend yield on Canadian banks is as high as 9%. I can borrow at 5% and effectively make equiv of 9%. So, until the banks and financials move forward, and the big miners follow, the little ,grossly undervalued jrs like NOT will have to wait. NOT is SO GOOD, it may move anyway, but not up to where it should for quite a while.