Trend is the friend in this market and certainly traders wouldn't like to bet against the commodity stocks in this environment.

It has all the signs of a hostile bid, and for investors it has come as a bit of surprise. I would expect this to go on for some time, and looking at the stock prices of the two companies, it seems there is more in it for investors.

I think there's still a little way to go. If you look at the personalities of the characters involved, there'll be a fair bit more to come.

There is now more of a balanced choice available between the management teams. But I still see shareholders sitting tight for the moment to watch how the battle plays out.

This is just step two of many in what could be a long battle.

The market would need some fundamental news to be coming through to be supported at these levels, otherwise we could see it taking its breath.