"OH C'MON OTTO...THIS IS GETTING BORING!" is the cry from the crowd. I agree, and that's exactly why the Zn chart is getting a third or fourth viewing this morning. It's a window on process.With the drop to Zn $0.505 this morning the possible price breakout has been slapped down once and for all. With Zn at $0.525 it was borderline stuff yesterday I but was still waiting for a definitive move.
Y'see, when you're on the sidelines waiting for a clear buying chance this is what happens. You have to watch, wait, actively look for the clear chance and not just the "hmmm...could be so let's jump in" chance. It's about discipline. It's about patience. It's about that Warren Buffett line;
"I like to shoot fish in a barrel. But I like to do it when the water has run out."
Since this blog started I've banged on and on about capital preservation. This small series of charts about spot zinc is that attitude in action. Preservation of capital is by its own definition a boring activity. But when the market turns and the bull is let loose again, I'll have a large wodge of ammunition to use on it. What will you have?