Where are we in the Cycle?
  Metal prices improved slightly but remain at the lower bound of cyclically weak conditions.  A US business sales recession, while the household sector growth contribution is improving, could explain more about equity market weakness than what is happening in China. Another source of weak earnings and investment expectations: forecasters do not expect an improvement in European growth this decade.   More...

Market Directions
Small resources stock prices are showing unusual life. The effect of oil prices on equity markets has become an important investment theme because financial markets are instinctively on the lookout for easy explanations while eschewing more strongly based ideas.       More...

Portfolio Performance and Positioning
The benchmark sector return so far in February is the strongest monthly outcome since February 2015 and stronger than all but two months since June 2013. PortfolioDirect model returns have been correspondingly strong.  No portfolio changes have been suggested. The largest gains came from Phase II companies that had previously displayed especially large losses suggesting an initial phase of bargain hunting may have begun.    More...

Stock Reviews and Rating Analysis 
Minquest Limited (MNQ:AU) highlights the dilemma facing a large number of potential mine developers. The 2.9 rating on the PortfolioDirect GLOSS asset quality rating scale suggests the company has access to base metal deposits in the Yukon with development potential. Yet, and with little financial capacity to facilitate a change in direction, the company is looking for gold properties in Australia and possible investments outside mining in preference to its current assets. Investors get abandoned in no-man’s-land in these circumstances. This is the time when savvy buyers position themselves for the next cycle rather than lose their nerve. 
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