Where are we in the Cycle?
  Despite upbeat economic indicators, U.S. companies are facing a sales recession.  Policies to weaken the yen have had the reverse effect.  Despite all the pessimism about global growth, the strongest global equity market segment so far in February has been basic materials as sector performances converge.   More...

Market Directions
Oversold markets partially recovered at the end of the week but remain at risk of the same combination of uncertainties.  Global growth rates remain insufficient to lift corporate earnings by enough to push equity prices higher.  Gold prices have not broken from their three year downtrend.      More...

Portfolio Performance and Positioning
Stock returns for the PortfolioDirect portfolios largely reflected broader market moves lower.  Declining stocks heavily outweighed the number rising.  There were no additions or deletions and cash positions remain high.   More...

Stock Reviews and Rating Analysis 
The Potash West NL (PWN:AU) GLOSS quality score within the PortfolioDirect rating process has been raised.  The critical change warranting the upgrade for the company developing the Dandaragan phosphate and potash deposits in Western Australia has been the doubling of the anticipated mine life to 40 years for an asset toward the upper end of available operational lives in the sector. The company continues to advance its longer term value proposition. No single event expected in the near term is likely to achieve a discrete change in market price.  This is more likely to come with the longer term accumulation of evidence that the Dandaragan project is viable and capable of being funded.  From a portfolio perspective, there are grounds to recognise the company as an agricultural-oriented investment enabling reduced exposure to mineral commodities relying on GDP growth and enhanced portfolio diversification characteristics in a resources portfolio. .         
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