Friday, November 7, 2008

Chart of the day is............

......30 day spot copper.

It hit $1.72/lb, it bounced to $2.10, it dropped again to..........yep, $1.72/lb. Right now spot Cu has popped a little to $1.75 so the line is holding for now.

I'm not TA's biggest fan (that's putting it mildly), and I'm triple-leery about trying to read THE TRUTH into a chart with just a 30 day timescale. Today's chart is either witnessing the moment when copper turns definitively against this raging bear market, or it's Otto clutching at straws. I'm not basing my trading day around it, that's for sure. But it's there.....in the back of my mind....saying "pssst...still holding here".