Copper update…short-term breakdown

Posted by Chris Kimble on 01/20/2011 at 3:38 pm; This entry is filed under Copper.

Posted this morning that Copper could get "Tripped Up" as it approached key long-term resistance. (see post here)  Below is a short-term view of Copper as we close out the day.

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One day a trend does not make, yet in time the action of Copper today could become very important, as Copper is down almost 2.5% today. I favor SMN for those that want to score on defense, per a decline in basic materials/metals.

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One Comments

  1. Kevin M January 20th, 2011 at 9:33 pm

    Thanks for the suggestion Chris. I’ve been watching Doc. Copper for a while myself (she’s a good ‘tell’), and have been reading about a lot of todays action being the result of COMEX upping margin requirements? But I’ve always found things drop faster than they rise, so I still can’t decide if I’m ready to get short… I’m sure I don’t have to tell you, but it’s a mental battle wondering if you’re watching a bounce, or the train leaving the station! LOL!
    I know, I know, if it was easy, everyone would be doing it, and we would all be rich! Damn if it isn’t invigorating, though! Wakes me up in the morning before the sun….