There's enough value left in resources stocks to remain optimistic. Commodity prices are locked in over fairly long-term contracts for many of them, so there's an element of safety too.

The index nearly hit 5000 this morning, but never quite made it. For some, it represents some kind of psychological barrier.

There's been a lot of talk but I don't expect much action. It's not a great time to be launching takeovers when changing advertising spending is transforming the entire media environment.

It's pretty much in keeping with the reporting season so far where we've seen a mixed bag of good and bad results. The market is still close to its top so we're going to have to wait a bit before there's any real indication where it should go.

It's facing more and more competition each day and that's going to keep chipping away at profits. It's an ugly position to be in if you're trying to sell half the company.

The thing is, the market keeps expecting it to set new highs. We have had two or three years of exceeding expectations, so you have to keep exceeding it more each year.