Comments for Tuesday, August 24, 2010
Looking Ahead to Today by Reflecting Back at Monday’s Price Action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
Slightly higher closes Monday for copper and silver while slightly lower for gold and platinum with no changes technically. Copper still hasn’t yet gotten through its resistance area (34000) basis the December contract yet but is still in a BULL TRIANGLE which should mean that it will test its last highs.. Still, the longer this takes the more likely it won’t happen as copper approaches the apex. Gold closed lower again but continues to be held up overall by gold/silver spreading which leads me to believe the major players are looking for the indices to fall. Keeping that in mind silver has been basically trading sideways since the beginning of April causing me to continue to stand aside. The October platinum also has been basically trading sideways between 150 and 160 since the middle of May as I’m continuing to stand aside while it’s now at the lower end of this range needing to hold 15000. Also, platinum had its worst close since July 2nd. BUY SIGNALS FOR COPPER AND GOLD. CALL FOR DETAILS!
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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 email@example.com.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.
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