What’s Up, What’s Down: Metals Show Overall Bullish Trend
Comments for Friday, November 13, 2009
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
METALS:
Lower closes yesterday for gold, silver, platinum and copper. Copper settled lower still in three weeks of consolidation. The overall trend is still higher while we wait to see which way copper breaks out. Gold keeps leading way making a new CONTRACT HIGH again but closing lower this time in reversal type action just missing a key reversal. Silver also closed lower along for the ride the latter still in resistance area feeling heavy overall to me. Platinum made a new contract high and then also closing lower in reversal type action but in a strong up-trend like gold.
INDICES:
Lower closes for the S&P, nasdaq along with the cash and DOW futures. All of the indices are still in up-trends with the nasdaq making a new contract high before settling lower in reversal type action.
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.
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.