But what about copper ?

This is interesting: take a gander at a chart of CRBQX - the commodity research bureau index as an ETF.
Copper's recent action has correlated very well with this index.

This index is about to break the uptrend intact since June 2012.
Alas, once again, no options for it on the CBOE.

I think this is indicating that there is some anticipation going on that Uncle Ben's "party" is about to end. He's running out of party "favors" to throw out of that helicopter of his.
 
This red guy is really "rockin and a shakin" down here at the $3.40 level.
Lots of back and forth action.
We could see $3.55 before we see $3.25.
 
Our friend the red metal is closely following US equity prices today. It's still above key support at $3.40.

What will it take to drop this guy ?
IMHO: a decline in US Equity prices.
 
As I mentioned in another post, Copper does not correlate with much of anything these days. Certainly not above 90 % short term on a positive basis. This is a rather recent phenomenom, but it has gained consistency. Just several months ago, Copper was highly correlated to the S&P and the Australian/New Zealand/Canadian Dollar and RBOB Gasoline.

Please tread lightly here.
 
Quote from syswizard:

Copper up 3 pennies on the housing price news.
However, COPX remains weak.
More...
Indeed, now copper is flat to up a penny.
Very weak price action IMHO.
 
You must log in or register to reply here.
Back
Top