Morning Corner 3.14.11

Yen (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 1.23200
rev= 1.19030; mid= 1.21112


Unfortunately the earthquake and tsunami will cause the Yen to rise as the yen is brought back to Japan. This repatriation will help pay for the cost of rebuilding. Should also bring the US dollar lower.



Nikkei (weekly info)
WEEKLY CONFIRMATION new low 10254.43
trend=no
direction=down (2 bars)
low= 10254.43
rev= 10842.80; mid= 10548.62


Nikkei was already showing weakness before Mother Nature made herself known. How many companies on the index have been affected negatively by what has happened? Insurance companies yes, construction companies probably not so much.


Copper (weekly info)
-no change (below mid)
trend=up
high= 4.596
rev= 4.176; mid= 4.386



Serious selling of copper last week with a solid close below SMA(13). After hour trading shows that copper is now below its weekly 3LB reversal price. The Nov 2010 low (3.635) should be the first level of support in case of a reversal.