The volume the past two days, in my opinion has been low considering the release of news that was, well not what was expected. The SP action yes, was down the past two days, but again given the overall lack of any significant volume tells me there was no panic involved and the SP in hindsight held up pretty well.

What does this tell us? Firstly, those selling were more aggressive then those buying. Secondly, the key to SP direction is volume and volume the past two sessions did not signal any concerns indicating something was wrong. Finally, I believe the SP of NOT had the past NR already priced in and the effect was muted somewhat almost expecting the news not to be that good.

In addition to all the above let's not forget that NOT is very active with their current drilling compaign and that, folks, is nothing but positive news. This should have an effect that supports the SP expecting a find yet to come and could also explain in part why our SP has held up fairly well.

I do have a question and it is this? Is McFaulds still a Nickel play or is it changing to something else and if so what? Recently RN has indicated that McFaulds is the new darling of Bay Street and I wonder if McFaulds if found not to be a Nickel play will it loose its luster on Bay Street? Courious about what your comments are and what you think the markets will also. So far I would say it does not or has not yet figured that out. Comments.