Al_Dente wrote:Dr. Copper:
The FT reports: "copper traders in China... have asked miners from Chile to Nigeria to cancel or delay shipments" due to a freefall in copper demand.
“It's not just copper that is seeing an implosion in demand: Chinese buyers of liquefied natural gas have also considered declaring force majeure, a clause that identifies natural disasters or other unavoidable catastrophes as cause for not fulfilling a contract. https://www.zerohedge.com/economics/chi ... to+zero%29
OTHER SOURCES: China on lockdown will result in a major negative impact on global trade.
The virus has given Powell free reign to cut rates and/or launch QE5. Markets have priced in precisely the likelihood that the Fed would step in and "fix" any stock selloff as a result of the world's global pandemic.
210COPPER.PNG.png
GLD Target + 35 %
From 147.91 to 199
Knocking at door of New HIghs
COPX Target + 51 %
From 17.605 to 26.5
+ 1.57 % Dividend Yield
SLV Target + 60 %
From 16.54 to 26.5
Last edited by Heck on Mon Feb 10, 2020 12:43 pm, edited 2 times in total.
The pullback wasn't sharp but it's touched EMA20 already which usually means the trend is near over so it's just a range day, even it's an uptrend day the up side should be limited.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Swing trade bias for 7 asset classes. DBC short, but just above a support level. GLD long. IYR long, breaking out. SPY chopping, scalps and day trades only. TLT long, nearing a top. USO short. UUP long. Just in my opinion.
All is quiet. Taking a break ...
Charts posted are not recommendations. They are just a sharing of information.
Breakout of the blue line is more likely. Maybe it's a higher low the pullback today was over (not sure about this part but the breakout I'm sure).
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
SentimenTrader sees an island on ES (because he doesn't count the shadows), and a hanging man
" ... looks ugly on a chart, and it did pinpoint several important peaks. Very short-term returns were below random, but beyond the first few weeks, there was no negative edge in the risk/reward ratio. https://sentimentrader.com/blog/island-of-misfit-bears/
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.