But what about copper ?

[syswizard]

Agree. I'm still looking for a slight correction but a little deeper than this little blip but we will see.

Now back down to $3.14....so yesterday looks like short covering.
The media still reports of a coming weak China market and for lower commodity prices as a result. Still, it hasn't happened.

 

[syswizard]

Now back down to $3.14....so yesterday looks like short covering.

Indeed - it was also a "head fake". July holding onto $3.09. Draghi's speech effect with positive notes to Euro housing likely to fade eventually.
How long before we are at that magical $3.00 level ?

 

[Handle123]

I started selling more on Thursday close, higher highs on Friday and higher highs today in July. At best, short term highs I think are in, put on Call credit spreads and took profit on all Put Credit Spreads on Thursday. Trading is just about following one's method and nothing else. If the method loses money and I followed all the rules, then I pat myself on the back, this is nothing but a numbers' game.

Mid May I still have the Call option spreads and went short July Copper, got stopped out a few times at breakeven or small losses, the shorts at end of May, am still in as add-on trades and added to a beautiful Head & Shoulders Wednesday, all should have seen that. I just keep short, eventually it will go down or I get stopped out. I just am a Monkey and trade my rules.

 

[syswizard]

am still in as add-on trades and added to a beautiful Head & Shoulders Wednesday, all should have seen that. I just keep short, eventually it will go down or I get stopped out. I just am a Monkey and trade my rules.

Nice Handle....thanks for mentioning the above....I need to start posting some charts.

BTW:Wow, another 4 cents down today !!!

 

[syswizard]

Bounce off of the $3.02 level today....July contract.
Shorting can be dangerous at these low levels....that's obvious now.

 

[syswizard]

Bounce off of the $3.02 level today....July contract.
Shorting can be dangerous at these low levels....that's obvious now.

Indeed....up 2 cents this morning. Must be some short covering.

 

[syswizard]

July has moved up to 3.11 ? Incredible.
See previous posts....no logic to this market.
Now in "risk-off" mode.

 

[syswizard]

July contract hit $3.16 today.

Reason: low, low LME stocks....now at 159,425 tons.

I need to post a chart to see recent price action.

 

[toolazy]

looking at chart, one can see formidable defence at 3. spanning for 3 years.

this may develop in large bull market based on "if it cant go down then has to go up".

I would not be short here!!

Has bull run started already ? Spec positions sure suggest that this is high probability scenario.

 

[syswizard]

Indeed 3.0 is an important hold level. Next hold appears to be around 2.75.