Monday, March 15, 2010

Copper Bends Again

Bent but not really broken - arguably.

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.


Ramu said...


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.


forex-cat said...

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bmbull said...

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.

Quick Takes Pro said...

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,.

Quick Takes Pro said...


Quick Takes Pro said...

Had Shanghai in the newsletter Monday. I cannot wait to read, or not read, the press coverage of that event.

bmbull said...

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.