What’s Up, What’s Down: Metals all Turn Higher
Comments for Tuesday, August 4, 2009
Looking Ahead to Today By Reflecting Back at Monday’s Price Action
METALS:
Higher to sharply higher closes yesterday for copper, gold, silver and platinum again. Copper is still in a strong uptrend after making another new recent high and close along with gold, silver and copper. Silver closed over 14000 basis the December contract with a vengeance now giving me a buy signal finally joining the rest of the metals Platinum gave me a second buy signal showing how strong this metal is. Overall, the metals looked poised to continue their uptrends for quite a while.
FINANCIALS:
higher closes for the eurodollar but lower for the bonds and notes.The eurodollar is still in a strong uptrend making another new contract high and close. The bonds and notes, though, settled lower with the bonds in a BULL PENNANT while the notes continue holding on to their sell signal.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
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. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.