Posted on 02/12/2010 2:16:07 PM PST by blam
CHART OF THE DAY: Dr. Copper Is Telling You To BUY
Joe Weisenthal and Kamelia Angelova
Feb. 12, 2010, 3:11 PM
Of all the commodities, copper is frequently extolled for its ability to predict the economy, and as such its fans joking say it has "PhD" in economics.
Well, the industrial metal is earnings its tenure.
Not only did it clearly anticipate the turnaround in 2009, you could have used the copper selloff to anticipate the recent swoon.
And now copper is rebounding, while the market is heading down. Is this an opportunity?
(Excerpt) Read more at businessinsider.com ...
It’s down today.
..I was thinking about Zinc! Yeah, Zinc! What's it goin for these days? ...Thirty seven and a half cents---a POUND?? Yeah, well, I might be willin' to spring for a coupla TONS!"
Hmmmm....Looking at that chart, it actually looks like copper was in an upward trending channel before it broke DOWN out of the channel and now it is retrying the channel bottom as resistance. If anything, looks more bearish than bulliish to me.
Not a “BUY” signal in my book, no matter what any “Doctor” says...
Exactly! This is idiotic when “Dr Copper” is supposedly telling you to both buy and sell.
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