Cash is now around 20%, I still expect a short term run here, and maybe even a spirited summer rally after another retest, but the quality of the bottom we got here in the last two weeks is quite poor, so I do not think this bear phase is over. As for SNDK, it breached the bottom of the trading range at $58, and while I still expect another run, maybe as high as $60, medium term it could go to the low $50, and possibly to the major support in the mid $40, before it resumes its march up, first to the $80 or so area (toward the end of the year?) and maybe even to the $100 or so target next year.
