While I wait on the precious metal markets to resolve themselves, I’m subsisting on a diet of heavy metals and pure refined sugar. If I taper off in my blogging in the coming days it’s likely because I’ve transformed into a Brundel Fly.
As mentioned, AVL , REE, MCP have been moving nicely (although tapering off a bit at the end of the day), while the PM miners tread water trying to catch a bid from the falling Uncle Buck. I did note that BAA finished back above $5.00 again.
Nope, the only thing that really stood out today in the areas I’m looking at was a refiner… and no, not the petroleum and kerosene variety, but the lonely sweet variety, sugar shack shifter Imperial Sugar — IPSU.
There have been all kinds of articles about sugar being the commodity of 2012, and I take them all with a grain of salt (no pun intended). I do, however, like a decent looking chart when I see one, and this one promises at least some continuation on today’s high volume, high percentage move. Just like the last time we got a high volume candle, I think we’ll get at least two more days out of this, which could very well bring us to our next resistance, at the underside of the 200-day EMA, or appoximately $7.60.
For those checking the math, that’ approximately 34% over today’s close. Do you feel lucky?