To fresh peaks and down the other side

The Australian sharemarket closed lower yesterday despite a positive start that produced record intra-day highs.
Trading was marked by a big fall in AGL Energy, which issued a profit warning.
CMC Markets senior dealer James Foulsham said the local bourse had ignored a positive lead from US markets on Friday.
Investors were getting a little edgy after the market's recent strong run.
"We saw the market start pretty strong," Mr Foulsham said. "But the market has hit some pretty heady heights over the last few weeks, and there's just a little bit of cautiousness coming in now."
Mr Foulsham said the bad news from AGL had helped dampen sentiment.
The ASX200 index fell 9.9 points to 6739, and the All Ordinaries retreated 8.5 points to 6751.6.
Earlier in the day the ASX200 hit a fresh intra-day record of 6800.2, beating last Thursday's peak of 6782.5.
The All Ords also posted a fresh intra-day high of 6809.3, eclipsing the previous record, also set last Thursday, of 6789.5.
On the Sydney Futures Exchange the December share price index contract was steady at 6796, on a volume of 15,628.
AGL, the country's biggest energy retailer, fell $2.60, or 16.63 per cent, to $13.03.
It revealed that it had revised its full year 2008 earnings outlook to between $330 million and $360 million, from $380 million to $400 million, citing reduced margins, increased wholesale costs and a weak US dollar.
In the resources sector the global miner BHP Billiton added 30c to $46.50, and Rio Tinto rose $1.51 to $113.21.
Zinifex surrendered 36c to $18.23 after it and Umicore agreed to sell 70 per cent of their holding in the smelting business Nyrstar through an initial public offer valued at up to $3.6 billion.
The iron ore miner Midwest Corp rose 21c to $5.12. Midwest shareholders will receive the higher price of a two-tier takeover offer from the rival Murchison Metals.
The oil and gas producer Woodside Petroleum rose 55c to $54.50, but Santos fell 19c to $15.21.
Among the big banks, National Australia Bank rose 4c to finish at $41.80, Westpac rose 4c to $29.70, and ANZ fell 14c to $31.33.
The Commonwealth Bank fell 41c to $59.38 despite saying it had maintained earnings momentum through the first quarter of fiscal 2008 and had gained market share.
In the media sector, Publishing and Broadcasting lost 64c to $19.85 after delaying a shareholder vote on the proposed demerger of its media and gaming assets so that it could re-examine the tax implications. Fairfax fell 2c to $4.75, while News Corp fell 33c to $26.85, and its non-voting stock fell 26c to $25.26.
The retailer Coles Group was steady at $15.94, and its supermarket rival Woolworths rose 53c to $31.84. Metcash firmed 2c to $4.62 as it sold the last of its former Action supermarkets in Western Australia.
Telstra rose 3c to $4.59.
In the gold sector, Newmont rose 10c to $5.31, Newcrest fell 24c to $27.85, and Lihir rose 6c to $4.20. The price of gold in Sydney was $US754.80 a fine ounce, up $US7.85 on Friday's close.
National turnover was 1.7 billion shares worth $5.1 billion, with 688 stocks down, 624 up and 350 steady.