Where are we in the Cycle?
 Metal price volatility has fallen and price movements appear consistent with the evolution of historical cycles.  The first upgrade in one of the cyclical guidepost readings in over two years has been made.    More...

Market Directions
The S&P 500/oil nexus has remained in place for another week with oil acting as a proxy measure for global growth and financial institution default risk.  Stronger sector prices are being seen among those stocks with the most ‘bottom of the cycle’ leverage to a change in market momentum.       More...

Portfolio Performance and Positioning
There were gains across all three portfolio segments with the largest coming from Phase III where improved iron ore prices were a benefit.  Some of the strongest performing stocks in the past month were among the weakest last week - indicative of the market attempting to define a sustainable bottom for the sector. No stocks were added or deleted. The recommended cash position is slightly reduced but remains high.      More...

Stock Reviews and Rating Analysis 
Kasbah Resources (KAS:AU) keeps trying.  The company illustrates many of the characteristics of the early stage mine developers during the current cycle as it confronts the classic ‘Phase I value trap’ - being passed the point it can generate positive exploration surprise but still short of being able to commit to development. Kasbah had seemed, in 2014, one of the most likely mine developers to make the transition. It is now embarking on the third variant of its Moroccan tin plans as it strives to keep its mining prospects alive. Like much of the sector, its share price appears to be forming a cyclical bottom.  With that comes strong leverage to even minor improvements in market conditions. The result is barely evident after a 95% price decline but a slight improvement in market sentiment over the past month toward a still relatively well-positioned opportunity has produced a 50% share price revival.    
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