Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 86.27

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Nov 12 3:59 PM EST

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To: Road Walker who wrote (636)	8/19/2009 10:13:02 AM
From: tejek	Read Replies (1) of 1428

This is what has me worried........Shanghai has been dropping for a week now. What's up? What do the Chinese know that we don't. MARKET TALK: NY Copper Breaks Support, Hurt By Chinese Stocks 10 minutes ago 1339 GMT [Dow Jones] - Comex Dec copper fell to a two-week low, breaking down through support at recent lows around $2.70 and just above plus the 20-day moving average of $2.7090 a pound. "The steep sell-off in Chinese shares hastened this," says Sterling Smith, CTA and market analyst with Country Hedging. "It spread to a number of other economically sensitive commodities." Shanghai stocks fell 4.3% overnight. A 27% drop in earnings from Deere & Co. may have added to the downside pressure, Smith says. He puts the next support around $2.60 to $2.57. Another key area may be 975 in the September S&P futures, he adds. The contract is down 10.60 points to 979. "If the S&Ps can hold around 975 and bounce out of that, that should lend some corrective support and get [copper] into a consolidation zone, at the least," Smith says. He describes himself as longer-term bullish on copper. "It's just a case that bull markets do go down occasionally, and we're experiencing that," he says. December copper is 11.05 cents lower at $2.6640. (ALS)

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