This is really just some short-term consolidation. We are inside of yesterday's range.

Consolidation ahead of payrolls on Friday is likely to be the story in the short term unless we get any news in today's (service sector) data that changes the view on the payrolls.

It's just the normal range of ups and downs.

The long term versus the short term argument is one used by losers.

We live in an age where everything is based on the short term.

Commodity prices look sustainable in the short term. Analysts are expecting spectacular results in the coming mining reporting season in February, and if we see profits and cash flows coming close to expectations then we may well see the continuation of the positive sentiment in resources stocks.