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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (55997)	11/16/2004 3:25:15 AM
From: Taikun	Respond to of 74559

EP, 1) 2006 is 14 months from now. Yes, and in the stocks I follow the market usually moves 6 mos or less ahead of hedge expiries in anticipation of higher revenue. By the way Cameco's interest rate sensitivity is an annual loss of C$3m on each 1 cent in the Loonie's appreciation. On USD800m in annual revenue, a move in the Loonie from 70 cents to par would be a C$90 haircut annually in addition to the hedging losses. I think I'll wait, but maybe sell some Puts. David