What a disaster that market has become. Check out the monthly candlesticks:
Anyone who purchased Copper in the last 12 months is UNDERWATER.
"Nuff' Said..."
If Dr. Copper really has a Ph.D on the World Economy, then there is something very ominous in the air-that chart looks horrendously awful.
Attached below is more detailed commentary on the Red Metal
Copper Commentary 2OCT11
Addendum:
I really didn't have much to add on to last week's Market commentary. Silver and Gold both got SMASH-FACED in the early overnight sessions (last week) but both markets held the critical support lines that were highlighted. I still see both those metals chopping/grinding at the lower ranges this week. The early week bounces were "nice" but they weren't that impressive or compelling.
S&P500 remains a market you don't want to OWN. The corrective action off the lows remains a quagmire of a pattern that is difficult to interpret. If the lower range (1100-1120) finally gives way, it should be a quick meltdown towards 1020-1050. At that point we'll be looking towards the Fed and Congress to "save the economy." Pfft. As if....
44 comments:
This Chicago vs Carolina game makes no sense. Where's the Carolina defense? Hester almost runs back one kickoff and then runs back a punt on the next Carolina three and out.
Bears also can't cover Smith.
Andy T
How will the copper price affect China considering how much of it they have warehoused?
How bout them Texans? They beat the shit out of big Ben and the steelers?
Weren't Chinese speculators/investors allowed to use copper as collateral? That was pretty genius idea.....not.
Ummm how about the Cowboys implosion? Lions down three and are now at first and goal.
Confucious
Margin calls in full force. People checking caller ID to see if it's THE CALL.
Micahel turner "going off" finally....
Aaron Rodgers = QB Beast
anyone paying much/any heed to articles like..
http://www.blacklistednews.com/Prophets_Of_Doom%3A_12_Shocking_Quotes_From_Insiders_About_The_Horrific_Economic_Crisis_That_Is_Almost_Here_/15950/0/38/38/Y/M.html
"...#9 Deutsche Bank CEO Josef Ackerman: “It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.”
#10 Alastair Newton, a strategist for Nomura Securities in London: “We believe that we are just about to enter a critical period for the eurozone and that the threat of some sort of break-up between now and year-end is greater than it has been at any time since the start of the crisis”
#11 Ann Barnhardt, head of Barnhardt Capital Management, Inc.: “It’s over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken.”..."
ibid.
AAIP
Read through the list earlier. If and when the euro collapse starts in earnest it will be phenomenal.
This game is starting to get interesting...
and then there's an interception.
Futures tried to make a move higher but the DXY moved higher instead.
Weekly 3LB Update 9/30/11
Lo siento. There was a monthly 3LB confirmation on SPX of the reversal down.
The test of 1120 will commence shortly...
10yr 1.852%. Does anyone really want to hold it for ten years at this rate?
2s30s breaking below its SMA(233) on the weekly chart.
"10yr 1.852%.
Does anyone really want to hold it for ten years at this rate?"
No, but I did take her home for the weekend.
However I will kick her out of bed after the next Waterfall™.
Is it really that bad over at BAC?
http://www.zerohedge.com/news/bank-america-locks-out-its-online-clients-second-day-row
Little bouncy bouncy on copper at 3.00....
http://www.finviz.com/quote.ashx?t=S
LOD: 2.97
this thing isn't looking, very, "Triple-Bottom-y"
AAIP
1108.86 SMA(144) weekly chart
1108.88 50.0% minor retrace daily chart
Damn near exact price on two different time periods.
Which BTW is near the mid of the lows from 8/9 & 9/22.
JTOL.
Oh my. Did I just see a low yield of 1.797% on the 10yr?
There's currently a brawl going on at 1108ish.
http://www.bloomberg.com/news/2011-10-02/dollar-beating-all-assets-in-september-undermines-s-p-downgrade.html
Dollar Beating All Assets in September Undermines S&P U.S. Debt Downgrade
Really?!?
I will say that I have enjoyed owning the dollar for the last few months. Wish I had been more agressive...
HAHAHAHA 10yr low 1.776%. How appropriate.
spoonman
I think they are trying to say that S&P must have been wrong about US debt.
quote:
"Gains for the world’s reserve currency show investor confidence in the nation’s creditworthiness after Standard & Poor’s stripped the U.S. of its AAA rating two months ago. Even with Republican leaders in Congress joining critics of Federal Reserve stimulus measures, the currency bested all 16 of its most-traded counterparts in September for the first month in more than three years."
How Does AMR go bankrupt?
Every single plane i've been on has been PACKED...
And with all the baggage fees and other bullshit....it's really hard to fathom
Ra,
The US can be nothing but AAA. When they need to pay you, they go into the back room, print up the dollars and hand them to you. Whether or not you want them at that point is for you to decide. That whole downgrade didn't really make sense to me.
How Does AMR go bankrupt?
Easy. All the value was sucked out by upper management compensation and fuel costs, leaving pilots, bondholders and shareholders at the mercy of a government bailout.
A microcosm of America.
http://www.finviz.com/quote.ashx?t=S
~2.77
decidedly, not 'Triple-Bottom-y' :)
AAIP
http://www.finviz.com/quote.ashx?t=AMR&ty=c&ta=1&p=d
sub-2
also, many 'articles' on AMR..
ibid.
4Q11 starts off with a bull massacre. News at 11.
BTW BAC price getting very close to forced selling by MMFs. Got to hold that $5 or else.
Obiwan to bulls: "That was not the close you were looking for."
Mutual Mother Funds?
QE3 comes closer....
Or has the QE3 already been "executed" by this panic?
The Fed need do little buying, merely slow the pace of sales.
Meanwhile investors should go out along the risk curve. Easy....
No deflationary crash. Liquidity can flow quickly.
A monster squeeze is setting up again.
Money Market Funds and a rule that any equity they own (supposedly) has to be over $5.
Why would money market funds own dodgy equities?
Do you mean pension funds?
How much lower do US banks go before they need recapitalizing?
Surely QE3 would be preferable to TARP 2?
LB
Honestly I just know it's one of them that has a rule against equities under $5.
I think it is most stock mutual funds that can't own stuff under $5......
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