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Mind That Pivot: Copper, Dollar Index, and QQQ
Put this in the category of it ain’t over until it is over.
See figure 1 a weekly chart of a continuous futures contract of copper. Copper probed above the key pivot (resistance area) at 4.1263, but failure to close above this level suggests continued risk to the global economy. As I stated on August 14, 2011: “Dr. Copper, that metal with a Ph. D. in economics, isn’t looking so hot. In fact, it is at a reasonable risk of breaking down thus highlighting the current risks in the global economy.”
Figure 1. Copper/ weekly
With prices likely to close the week below this key pivot, those risks still remain.
The Dollar Index, see figure 2 for a weekly chart, is making an attempt to close above the nearby key pivot level at 74.62. A weekly close above this resistance level would like turn the trend from down to up. An intermediate term price target would be the next level up at 76.65. The macro winds may be a changing.
Figure 2. Dollar Index/ weekly
Figure 3 is a weekly chart of the PowerShares QQQ Trust Series (symbol: QQQ). As we started this recent week in the markets, it appeared that QQQ was going to close above the most recent key pivot level at 53.95. A weekly closure above this level would have me reconsidering my bear market “call” at least as it concerns the NASDAQ 100.
Figure 3. QQQ/ weekly
With today’s downside pressure, what looked like a shoe-in earlier in the week may not happen. So mind that pivot!
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Copper pennies, the 4th wheel in a retirement plan of today!
Gold (if you can afford it)
Silver (average citizens gold)
Nickels
Copper pennies
Assuming anybody thinks you'll actually be able to retire.
@glokk,
If you have the space and time, all four metals are wroth storing.
copper ingots, thinking of it
@ Newstreet:
..set to the tune of 'Climb Every Mountain'
@glokk
posting involved vodka, that's why it ended up under your comment
Sell every rally.....
Buy every dip......
Cannonball your losers......
It will make you sick.....
Recovery...right??