I am updating the chart from this post I wrote over the weekend. Despite the conventional wisdom that this rally is merely end of quarter/end of month window dressing in front of a long holiday weekend, a sustained move out of this descending triangle from my main broad market tell should bode well for the bulls.
FCX just kissing the 50MA, China copper, ore spot data doesn’t support any of it. imho
I remember you saying the same thing last summer…Equities can march to their own beat. Having a passion for macro data is to be commended, but it does not transfer over to the stock market well.
Chess, If QE2 didn’t come along the commodity market could have moved closer to the supply/demand balance it needed to do. Sooner or later Govt Global Stimulus has to end, my analysis last summer failed because I assumed that QE2 would be priced in quickly into the market under “perfect market” Thesis. I have learned that thesis is wrong.
so you are discounting QE3 even if it’s in some form that you may not recognize?
I wonder whether hording of copper might be all the range. At least one neumanist in the field provides stat.’s that most pennies in circulation have a 2:1 ratio in copper conversion for the underlying metal relative to currency valuation.
My “private” question is whether bulk sales of “pennies-for(/into)-copper” might violate something like RICO or other “counterfitting” regulations? But as they say, if you can’t bear the answer, don’t ask the question.
why … you thinking about a franchise?
she looks like it wants to do a cup again.if she can do 52.50 again its off to the races. that ipsu you mentioned is sweet,working good,thanks chess
We break SPX 1303 and 1313 and this rally will become the real deal …