But what about copper ?

Back down to the ever-so-important $3.50 level.

Moved down today in sympathy with the FXI.

Very weak price action recently.....IMHO.
 
Quote from syswizard:

So what's your point ? It's just a set of reference points.
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The point is that you may as well be fitting a Riemannian manifold to the data for all the relevance it has, which is none whatsoever.
 
Quote from davroz:

The point is that you may as well be fitting a Riemannian manifold to the data for all the relevance it has, which is none whatsoever.
More...
Sorry, can't agree...until it's been BACKTESTED.
Everything is conjecture until the results of the back testing come in.
Heck, it could have some merit: go long when the slope goes positive, go short when it goes negative.
So with that strategy, traders would be long right now.
 
Cyprus situation putting more pressure on the red metal.
Can it crack it below $3.40 ?
Oh boy...this just came in from Marketwatch.com:
Gold found some buyers, with gold for April delivery GCJ3 +0.24% up $4.30 at $1,596.90 an ounce, but copper fell, with the May contract HGK3 -2.30% dropping 7 cents to $3.45 a pound in Asia electronic trading.
 
Huge break down in Copper over the Cyprus situation....counter to the precious metals which are up.

One might ask: what the heck does Cyprus have to do with the price of copper ? Great question !
Likely answer: nothing. Copper is just showing how shaky it has been lately. The longs were just on a hair trigger to get out if the technical level of $3.50 was broken. I am sure a lot of stops got taken out at $3.49 or so.

This could be the start of the route below $3.00.
Expect some retracement along the way.
 
Thanks for that Hurricane. And notice the immediate criticism he received on his blog page.
There is no doubt it's made quite a move down recently. However, I think any bounces back should be shorted.
$3.40 looms large as the last bastion of defense for the longs....and we are already at that level !!!

Also, from a fundamental perspective, today's housing news was terrible for the red metal:
http://www.marketwatch.com/story/homebuilder-confidence-declines-in-march-2013-03-18?dist=afterbell

From all looks of it, it does appear that the federal spending sequester is sending our economy back down to recession levels once again. Wow, we barely got out of the last one !

Uncle Ben - now what ?
 
March Copper holding at $3.41....the pressure, the PRESSURE !!

Another way to go on this theme: ETFs. There's COPX, the globbal copper miner's index. It's been mombo weak as you could imagine.

Unfortunately, no options at the CBOE on this guy....yet.
 
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