Copper has joined the league of shadows and has surged, now up more than 3%. The poster child for all things risk and copper, FCX, is following suit, now higher by a staggering 9%. BHP, RIO and SCCO are also doing well, but nothing compared to good olde leveraged Freeport.
On the other side of the mine, gold is getting hammered, now down 1.7%.
The pound is higher by more than 2.2% now and the yen weaker by 2%.
Crude continues to squeeze, now higher by 4.4%.
Considering markets have rallied for the past 8 days in a row, I’d say today’s run has the feel of a belligerent short squeeze being applied by cocaine addled junior fund managers getting the ok by their senior PMs, who are also coked out on a beach in St. Barts.
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Impeccable timing on gold yesterday.
Started the day short stocks, looks like I’m ending the day short gold and long a lot of oil stocks.