One of two things going on:1) I missed the capitulation selling climax by 24 hours
2) I'm in trouble
I'm banking on the first one.
- Copper held the line and now sits at $3.12/$3.13. Very good looking chart in the making if this holds.
- Gold also bounced, and came off $780 to sit at $789 right now (and in profit on today's GLD buy). That's also encouraging.
- Meanwhile in the "I'm getting creamed for buying one day too early" stakes, FCX at $68 and bits and CS.to at $2.44 are my big regrets from yesterday. Spot copper decides whether I bail, not share market action. Holding through.
- That's because yesterday's capitulation selling was a mere dress rehearsal. Today it's ten thousand clients phoning five thousand brokers and screaming "get me out of miners, fer gawsseks!!!".
- And a quick note to readers; there is also plenty going on in politics (and even interesting economic numbers appearing), but as my attention is totally on capital markets right now it's reflected in the blog subjects. LatAm political snark will return soon, fear not.
UPDATE: I forgot to mention the number one most important factor. The USD index has reversed, now down on the day to 79.1. Keep this number in the absolute centre of your screen.