What’s Up, What’s Down: Spotlight on Metals
Comments for November 22, 2011
Looking ahead to Tuesday by reflecting back on Monday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
COPPER IS MAKING ME NERVOUS
METALS: 11/22/11 Lower closes yesterday for copper, silver, gold and platinum. I’m now standing aside copper after it made its worst low and close since October. Copper’s long-term trend is down and short-term trend still possibly higher while now in a support area. I just don’t feel comfortable at its present level. Because copper has been moving lower since the end of October it needs, in my opinion to close over 37500 for a possible turnaround. Silver, gold and platinum gave me SELL SIGNALS but in bad areas to go short since all three are now in good support areas. Their trends are down but overdue for a retracement higher which should afford a better opportunity on the short side in my opinion. SELL SIGNALS FOR SILVER, GOLD AND PLATINUM. CALL FOR DETAILS!
The complete Thanksgiving holiday trading schedule for US futures exchanges is posted at my Hot Topics website (https://www.zaner.com/3.0/market_information/hot_topics.asp)
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.