Pivot Galore

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Wed, 02/17/2010 - 17:55 | 234606 lsbumblebee
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The one thing you need to remember about gold as it begins the next leg up is that it's not allowed to gain more than 2% on any day. That's a Cartel rule.

Wed, 02/17/2010 - 17:58 | 234612 Anonymous
Anonymous's picture

Nic - great comments - the Yen break today is a significant development for risk assets no?

Wed, 02/17/2010 - 18:18 | 234651 schatzingrid
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buy (0,6 plat + 0,4 pall) sell (0,7 copper + 0,3 gold)

Wed, 02/17/2010 - 21:38 | 234720 RiskFreeT
RiskFreeT's picture

Every correlation breaks just in the nick of time to save the market. If the Euro correlation had held, the market would be much lower, not just today, but over the past few months.

Good read: Amerika the huge Ponzi scheme!

Wed, 02/17/2010 - 19:15 | 234722 Liberdadedescolha
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We have a nice Head and Shoulder formation on S&P500. Beware.


Wed, 02/17/2010 - 20:02 | 234804 Miles Kendig
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Thanks for the continuing education for this non financial professional Nic.

Wed, 02/17/2010 - 20:20 | 234823 greg merrill
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Nice to see the traders are concerned about copper as well.  I recently blogged about the fundamentals and how rising copper inventories are going to cause problems with the current high price of copper.


To update the copper inventory data on that blog entry, copper inventories continue to rise and are standing at 759+k metric tons as of 02/12/10. 

I bought BOS (inverse copper, aluminum, zinc) yesterday. Hopefully the markets will agree with me for once.



Wed, 02/17/2010 - 20:37 | 234847 Hephasteus
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It's good for fudging "restocking" data and showing how the economy is about to esplode to the upside any minute now.

Wed, 02/17/2010 - 20:46 | 234855 Anonymous
Anonymous's picture

Short copper and Oil and natural gas on reason of excessive storage inventory makes sense, but most sensible investors have lost money that side of the trade so far these last 3 months. Many oil traders have decided the forces that be (ie the largest investment banks) are protecting their books, probably with tacit government data "support", it is just not worth shorting anything until further "notice". Usually those notices are short-lived, the whole risky-assets complex "have to move up" in election years and to support the Fed's fight against deflation.

Wed, 02/17/2010 - 20:53 | 234865 gigeze787
gigeze787's picture

Will PPT target SPX >1100 thru Friday for options exp. (maybe after a bait and reversal switch on Thur)?

Wed, 02/17/2010 - 21:39 | 234925 Master Bates
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H&S patterns on S&P and GOLD.  The retracement has another day, at the most, then it's back to whence it came.

Wed, 02/17/2010 - 23:40 | 235057 Grand Supercycle
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The impending dollar rally that I warned about from mid 2009 onwards has only just started.

USD Index daily and weekly charts remain bullish.

Vice versa for the EURO and DOW/SP00.


Thu, 02/18/2010 - 01:45 | 235136 Anonymous
Anonymous's picture

don't the S&P, Dow, Nasdaq all have a potential evening star formation just like copper?

i don't see the H&S formation. what time frame are we talking about?

Thu, 02/18/2010 - 02:29 | 235163 Anonymous
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The more you talk, the more you give away that you have no fucking idea what you're talking about.

Thu, 02/18/2010 - 04:03 | 235204 order6102
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Could we have a market in which commodities, equities, and bonds drop? 


YES WE COULD. this call first year of global tightening... Cycle started, and in first year of cycle - cash is the king. This why 3m t-bils at 17bps... CASH IS THE KING!

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