Take physic, pomp

Chart of the day is………

…spot copper, 24 hour chart.

Normally I can ignore the intraday stuff to a greater extent, but there’s a fight brewing in commods, I think it’s coming to a head right now and copper is the normal lead indicator. But my fight isn’t “goes up or goes down”, rather “stays where it is (2 to 2.10) or goes down?”

Semi OT, I liked Cam Hui’s note this morning. He did better than me and called the relief rally well, but now he’s writing things like….

“The market has a way of saying “what have you done for me lately?” Now that a recovery is getting built into investor expectations, these negative fundamentals could prove to be a nasty surprise in the near term.”


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