Tag Archives: Copper
A.M. Look 2/16/12
Spu’s …1329.50-1332 is the level it’s been trying to print for the past 2 weeks. Just don’t initiate a short into this level. It’s a Bear trap area the first time down. Presently the Spu’s need back over 1342.50 for … Continue reading
The Plungers are taking early control..
SOX…Just put in a potential double top on the weekly charts. Support looks to be around 42300. USD/JPY..has been running the show all morning, after hitting near term Dollar support all the crosses went into retrace mode. AAPL…has completed a … Continue reading
Market tells
Copper…38050 is the 200 day, a close below should be deemed negative price action given the double top in the Spu’s. SMH..a close below 33.98 in this ETF puts in an ORL day which is price negative the board. OIL..hit it’s … Continue reading
A.M. Look 2/8/12
Early yesterday when the Spu’s showed weakness the AUD/JPY did not. AUD/JPY…( Long Aussie/Short Yen) remains a leading risk on indicator. 84.00-84.12 is the next short term resistance level. DAX….shows no significant resistance until 70000 Copper…there are resting stops above … Continue reading
MCP
This is a good late day hold for Molycorp… The low was the old high and now the 50 day mvg avg. This will be a pivotal level tomorrow ( 29.90-30.10) with the Chinese coming back into the Copper market … Continue reading
Pattern Alert…SPU’s…S&P 500…MCP
The only # that really matters now is 1272.70 Spu Pit session. A close below this level would put in an interim top in all risk assets with a ORL ( outside reversal Lower day) It remains to be seen … Continue reading
Pattern Alert…MCP
You have a potential weekly double top in Molycorp @ 30.20 Since we occasionally use this as a surrogate trade for Copper, it should be monitored for general Risk bias. Strong Copper prices are indicative of general “Risk On” demand. … Continue reading
Gold Miners…Molycorp
Any investors or shorter term players that got involved in these names today should use stops 15 cents below today’s current lows. 29.80-30.00 is first good resistance in MCP…Risk should be reduced at these levels. Meaning…take some profits!.. GDXJ…27.39…then 28 are … Continue reading
A.M. Look 1/10/12
Spu’s…Mid Oct was the last time we saw these levels in the index. 1288-89 was the old high with 2408 in the Nasd. We were looking to get out of our longs around the 1319-25 level on that swing, which … Continue reading