Thursday, June 30, 2011

Copper Showing Positive Signals and Oil Already Back to Prices Before Strategic Reserve Reelease

Almost as if Goldman Sachs controls the price of copper, the red metal has begun rallying strongly days ahead of when the firm said it would.  [Jun 15, 2011: Goldman Calls for Substantial Rally in Copper Prices in 2nd Half of 2011, as Chinese Stockpiles Have Fallen Nearly 50%)]  Yesterday's industrial figures out of Japan, along with a return to the beat down of the U.S. dollar as the euro jumped on bailout infinity lit a fire under most commodities.

Oil is already back to prices before the SPR release...

EDIT 9:50 AM - S&P 500 is spiking to 1317, recall that is where both the 50 and 100 day simple moving averages converge.  After such a huge move this week (+3.9%) you would think that would act as resistance for now.

No position

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