Saturday, November 28, 2009

Update 11/28

A minor panic happened on Thanksgiving Day and yesterday as the tiny oilpit Dubai threatened to default on about $80 billion of debt, mostly to EU and Japanese banks. Barclays and RBS especially took it on the chops. Me thinks this is a small matter and monday we'll be back to the same old story.. stock markets & metals going up and up. Therefore I'm putting in an order to "buy" March '10 copper again $3.14 Monday morning with a goal of $3.18 (copper is @ $3.105 now) with a two cent trailing stop.. same play as last week. I'll also be looking to "sell" copper at $3.00 with a two cent stop should it go that low.

In a tad more ominous news, the Yen streaked up to 118 (a major move) versus the dollar on the overnight market before the BOJ intervened and bought dollars. There is a very real and growing chance that Japan will be in a seriously deflationary state soon enough. The BOJ must do something, and before year's end I think they will.

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