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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/12/2011 : 17:18:50
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"My eyes are on copper right now because it has struggled with its 50DMA for most of the year, and the metal is now struggling to hold on to support at the 200DMA. A break here could signal a significant follow-through in selling in the rest of the commodity space. I am not prepared to guess at the implications for the economy. For all I know, cheaper prices for commodities may be enough of a net booster for American corporate profits and consumer spending power to outweigh the drag on commodity-producing economies. On the other hand, it could signal that China, the noisy elephant in the trading room, has started quieting down and pulling back on its voracious consumption. Time should soon tell."
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Silver Fail Resistance: Eyes on Copper Support
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