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Copper Is Surging Above Key Technical Level - Biggest Jump Since May 2013
Copper prices have surged over 4% this morning, breaking above the 50-day moving average (trading 2.41, near 2-month highs). Aside from Glencore's demise and modest strength in the Chilean peso today, this seems more like an algo-driven run off China's massive intervention-driven momentum.
Coppe rbroke above it 50-day moving average...
as China's intervention floated all boats...
Charts: Bloomberg
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Stocks spike on no news. Totally technically, fundamentally, and spiritualy bullish. Just so fucking bullish!
This has nothing to do with infinite money printing and the PPT....
http://www.archives.gov/federal-register/codification/executive-order/12...
Still shorts to squeeze? This market was manipulated it's entire way up, and it will be manipulated the whole way down. Shhhh ....don't tell the sheeple.
Huh? What?
Clearly a short squeeze just like they did to oil a few weeks back.......I'd be selling into this as hard as I could.
All bottoms begin with a short squeeze. I believe the commodities (oil, copper, et al) have bottomed, probably stocks too.
It's time to re-enter longs in equities and commods and exit bond longs.
Although you are right I'd bet the tree has a bit more shaking before we get a real commodity bottom in place yet since not all short squeezes are market bottoms.
Yeah, I don't. I posted on here a week or so ago that I liked oil arond the $40 mark, when everybody on earth (and particularly here at ZH) hated it. I have very little doubt oil has bottomed.
And copper (the commodity with the Ph. D in economics) looks to have bottomed as well.
So,Gartman was right??
Yes. This mystery rise in copper is 'unknown' entities levitating anything and everything that might convince the unknowing (and even some of the knowing) that everything is turning around and the 'correction' is over (on no news or positive results). It is called perception management. Smooth sailing ahead. A crock as usual.
The day of the Fed interest rate announcement..I bet we drop 500..then gain 1000 in the day...either way it goes...raise or not...
3-400 point swings on a regular basis could mean one of two things,your now in a bear market which prior to 2008 would be the case or the house of cards is starting to wobble from side to side-more likely
not unlike a spinning top.
Clearly China is fixed and is about to embark upon another round of building empty cities. The commodity trad is back on!
When aliens land they are going to be stoked China built so many empty cities for them to party in. This is bullish for aliens!
:)
Space aliens...Right?
Fookin' prawns!
Thar be prosperity!
Yeah!!! Metals are up...oh...I guess today gold and silver are not metals.
PS - Hey Bill Holter - Damn it! Yes, we're exhausted and NO! we shouldn't be careful about what we wish for. The sooner this shitshow ends, the better. Waiting will only make it worse for everybody. Bring on the collapse, I for one can hardly wait to shoot at fools trying to break into my house to find food.
They are not. They are commodities... Hah!
More fool me! I thought they were money and metal.
Dr. Copper's got a Chinese woody this morning, and now he's screwing the retail investor this morning. Still believing it's just the tip!
Just finished filling another mason jar with $5 worth of pre-82 pennies. Copper to the moon! Still finding 10-15 coppers in every roll of 50. Down quite a bit since they started cranking out those new shiny zinc monstrosities that turn ugly in just a few years.