Fundamentals haven't changed, page-127

I suspect these fundamentals are like the COT report, it tells the overall structure withing the corporate/sovereign space. These are not traders so they might be accumulating on weakness or sell on strength. The noise currently is very bearish momentum wise. There is definitely momentum to the down side and I see circa $1200 swing low attacked in the near future. The structure of the daily uptrend has not broken so far so I am standing aside as I fear short term destruction of value is a real possibility.

NST is well protected by the multiple mines and low cost structure but the immunity will be less value destruction. I am standing aside until the rate hike speculation is either subdued or confirmed. We had the hike last X'mas so following from that pattern the Dec 2016 is what capital markets are betting on.