Another article supporting my theory of a copper meltdown came out again today, reinforcing my belief that we'll see $2.50 in copper this year (as opposed to the $3.37 today). I'm going to move my "sell" order to $3.18, again with a five cent stop loss. The second "sell" order at $2.98 remains, again with the five cent stop.
http://www.zerohedge.com/article/emerging-markets-commodities-under-pressure?destination=node%2F87400
Nothing worth commenting on this week; Greece held a successful $5bln bond auction today, easing European markets. With some help from a few friends, Greece may yet avoid the bailout or default scenario this year. But as we speak, strikes are being planned in both Greece and Portugal after the latest round of budget/wage slashes announced by their governments.
Here in Hooverville, this about sums it up: "The Labor Department reported Thursday that productivity jumped at an annual rate of 6.9 percent in the fourth quarter, even better than an initial estimate of a 6.2 percent growth rate. Unit labor costs fell at a rate of 5.9 percent, a bigger drop than the 4.4 percent decline initially estimated". Yes folks.. we serfs work harder and faster.. and for less.. than we ever have. Well, those of us who actually have jobs anyways.
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