some thoughts .. mostly unedited
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focus = Copper, the big dog as it relates to industrial metals... was able to print a new bull-market high during the middle of last week. Thursday and Friday were soft, as was Monday. Tuesday saw a gap down of reasonable proportion, and it has caught my eye. On Wednesday the commodity posted a modest recovery, but was unable to offset the prior day's losses. The bounce looks okay from a distance. After all, in terms of commodities, it was a respectable daily percentage gain.
Even so, I'm not impressed. If this bull market in copper is to continue unabated, the activity on Wednesday needed to have shown a larger degree of 'thrust.' Instead, I get that 'ho-hum' feeling.
Frankly, I think a sizeable drop is forthcoming. We know reversal plays are inherently risky. I wish I could point to something definitive and say: "Copper is toast, here is why." But alas, I can't pin it down. All I have is this nagging, intuitive feel.
Apart from that, I suppose the recent negative MACD daily crossover is worth a gander...
stockcharts.com[w,a]daclynay[pc40!c200!f][iut!La12,26,9!Ll14]&pref=G
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rather than leaving things open ended, i now present the following conditionals:
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