Friday, February 12, 2010

Update 2/12

Well so much for the copper rally; it opened at $3.06 and so I was out the moment the exchange opened.. a profit of one cent per pound ($250). After reading an article from a copper expert who says "Stockpiles are now bulging with 2 million tons of the red metal, about half of annual industry production. China is about to cut imports by half, from 3 million tons to 1.5 million tons this year" I think I'm getting ready to short this baby and so I'll put in an order to "sell" two copper contracts at $2.98 with a five cent trailing stop. I'm unlikely to be long copper again for a good, long while.

Nothing interesting happened since yesterday in Europe; perhaps they were just sick of it all and decided to give it a rest for the weekend. I still think speculators will attack Greece (and maybe others) next week.

No comments:

Post a Comment