But a few weeks ago - before the earthquake hit top producer Chile - I wrote a piece for MarketWatch saying copper and copper stocks looked bad. Then the earthquake hit and copper jumped up - a lot.
Blame the dollar if you like but today's action is bearish and we may look back on last week's trading as the second peak in a double top.And for your odd music enjoyment, "Bend It" from 1966. You know there is always an ulterior motive in my blog titles.
6 comments:
Mike,
Regarding your column today on Barrons. I just have a question regarding trends.
I heard about trend in prices. Rising trend means we should buy and vice versa. Is there anything like trend of breakouts/melt-UP's?
In the last 12 months, there were multiple instances, where we saw a tug of war and the market will breakout to the upside eventually. If u see the trend, its always up. Shouldnt we bet using this trend? Does wall street follow this?
Apologize if this is a naive question.
Thanks
Ramu
Shanghai Composite setting up for a bearish 50/200 day cross... Seems like they've led the way both up and down on the last big swings.
Ramu,
Not sure of the question. I think we are in a choppy environment so we should buy dips and not breakouts. The rally is a fake (but you wallet does not care how profits got there). Too much risk to chase anything,.
forex-cat
thanks
BMBull,
Had Shanghai in the newsletter Monday. I cannot wait to read, or not read, the press coverage of that event.
I think 'not read' is more likely the case. I doubt that much will said, especially as US indices continue to cruise continuously higher, without nary a pullback in sight.
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