Sign inRecent Commentaries tagged (copper)
Metals Commentary
April gold futures closed up $1.70 at $1,124.20 Wednesday. Prices closed nearer the session low. A weaker U.S. dollar index and firmer crude oil prices supported buying interest in gold Wednesday. The gold market bulls this week have kept a six-week-old uptrend from the early-February lows in...
Chart Presentation: Hang Seng 19,500
There were a few developments within the markets that caught our attention over the past day. The equity markets were somewhat weaker in Asia, for example, while copper prices fell close to the lowest levels in two weeks. Wal Mart’s stock price finally climbed above 55 (WMT tends to trade flat...
Chart Presentation: The 12 Month Lead
The question today is whether the long end of the Treasury market is actually leading the short end- and hence the Fed- by close to a year. Below we compare the U.S. 30-year T-Bond futures and 3-month eurodollar futures with the charts shifted or offset by one year. The argument is that the peak...
Chart Analysis on Copper ETN – JJC
iPath Dow Jones-AIG Copper Total Return Sub-IndexSM ETN (JJC) deserves to be watched as it sets up for a good entry. Upon hitting a high of $48.25 on January 6, 2010 JJC dropped $9.80 or 20.3% over subsequent weeks before finding support at $38.45 on February 5. This was the largest retracement...
Chart Presentation: 1987 Comparison Update
Feb. 25 (Bloomberg) — Greece’s debt rating may be cut within a month as it struggles to pare the European Union’s largest budget deficit, driving up borrowing costs and renewing pressure on the euro. We are going to return to a chart-based argument that we have been featuring on occasion over...
Chart Presentation: The Cyclical Trend
We are going to add a new twist to an old argument today. To start off we have included a comparative view of the share price of McDonalds (MCD), base metals miner Rio Tinto (RTP), and the ratio between the share price of Coca Cola (KO) and the S&P 500 Index (SPX).The markets have a habit of...
Metals Commentary from Jim Wyckoff
METALS April gold futures closed down $7.60 at $1,095.60 today. Prices closed nearer the session low today on more profit taking. Gold sold off today despite a weaker U.S. dollar index, which is another bearish clue for gold. Bulls have faded this week and are back on a level near-term...
Chart Presentation: A Simple Perspective
For a change- perhaps a welcome one- we are going to do our best to start off with a very simple and straightforward argument. From the perspective of those long the equity markets in general and the U.S. equity markets in particular the best case would be a continuation of the strong trend that...
Stock Market: Signs of Strength
Stock Market: signs of strength. Consumer Discretionary Stock Sector Relative Strength Ratio (XLY/SPY) rose further above 3-year highs, again confirming its bullish trend. Industrial Stock Sector Relative Strength Ratio (XLI/SPY) rose further above 13-month highs, again confirming its bullish...
Metals Commentary
April gold futures closed down $2.20 at $1,117.60 yesterday. Prices closed nearer the session low yesterday after hitting a fresh four-week high early on. A stronger U.S. dollar index pressured gold yesterday. The bulls still have some upside near-term technical momentum. Bulls next upside...
Chart Presentation: Copper/CRB
We focused rather intently in yesterday’s issue on the intermarket ramifications of strength and weakness in the ratio between copper prices and the CRB Index. The argument in short was that a very strong ratio goes with Asian economic strength and rising interest rates, a very weak ratio goes...
Chart Presentation: Cyclical is Cyclical
One of the problems associated with arguing in favor of one economically sensitive sector while making negative comments on another is that, by and large, cyclical is cyclical. If we argue, for example, that copper prices are ‘too high’ and will collapse back towards last year’s lows while at...
Metals Commentary
April gold futures closed down $4.10 at $1,073.10 yesterday. Prices closed near mid-range yesterday and were pressured by a firmer U.S. dollar index. A nine-week-old downtrend is in place on the daily bar chart. Bears have the overall near-term technical advantage. Bulls next upside technical...
Chart Presentation: Sell in May
If you have been around the markets for more than a few months you have probably stumbled across the adage to ‘sell in May and go away’. The strange thing is that it actually works although not exactly in the manner that most expect. From our point of view ‘sell in May and go away’ reflects the...
Chart Presentation: Decade Details
We are going to return to our ‘decade theme’ today as we search for perspective with regard to the current markets situation. The ‘decade theme’ is based on the idea that the markets have been moving through similar trends over the past few decades. Cyclical asset price peaks in the ‘0’ year...
