Friday morning I suggested to “Take your clues from Coppper“ (see post here) Yes Lybia has been front and center news wise, yet so was Egypt three weeks ago and the markets continued higher! One day or news event DOES NOT make a trend.
From a price action perspective though, what Copper does from here in my humble opinion, could become “global” front page news!
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Freeport McMoran (FCX) declined almost 4% this past Friday, while the broad market was fairly quiet. Copper declined Friday as well and is down another 3% pre-market this morning. Clues? I think so! I mentioned scoring on defense in SMN. Good tool in these situations for sure!!!
Did food prices hit a peak recently? (see post here) Not only do I feel Copper can give us important signs, I believe Grains/Rough Rice (see post here) can as well. Aggressive investors should do very well on a grain price breakdown in AGA.
Gary…My decisions are based upon the “Power of the Pattern/Price” How is the price action of OIH/IEZ and SLV are doing? At this time just fine. Per MDY, it has not broken down. As I mentioned in the Copper post, one day/event doesn’t make a trend.
So many jumped on the bear wagon three weeks ago this past Friday, based upon the news from Egypt. I did the piece three weeks ago yesterday saying investors should NOT WALK AWAY FROM THIS MARKET DUE TO EGYPT. At that time the 500 index was trading at 1,276, check out where it is now in the link below.
I will walk away/harvest when the prices and patterns suggest to do so, not the news coming from CNN or Fox.
Hi Chris, guessing this would be a sign to keep long on TLT. Does it change being long on OIH, MDY, SLV? Thanks