The upward momentum has gone from these stocks.

The upward momentum has gone from these stocks. They are just hanging there waiting for a correction. This is an indication that these commodity price corrections do and can come very quickly and they do feed through to the stocks.

Valuations on mining stocks look very rich. Any pause in the spot price is leading to sharp price corrections and sentiment can reverse quite quickly.

The real dilemma they have is future reserve growth. Shell isn't up to the game compared with BP.