Still tracking the projected path. Yup, sticking to my guns on this one. 76.75 will be an important area for the dollar to hold or things might get "interesting". Gold bulls are back to beating the George Washington Pinata, although I'm still anticipating a move down to 1036 after touching 1179. Ok, so that might be too bold a statement given the pages per minute Bubbles Bernanke is capable of printing on any given day and it would not surprise me at all to see the S&P and Gold kiss at 1179.
"The longer-term structure suggests we could see $4 copper, but in the shorter-term I am looking at a 5% upside versus a 15% correction before heading into the next leg higher."Ok, so we got the 5% move higher. It is looking ripe for a correction soon. Good luck jumping on the Red Gold bandwagon at this spot.
Lots of chatter about oil closing about the 82.50 mark today. I will note there is resistance at 84-85 and then the fibonacci relationship at $90. Nothing useful to add other than today's inventory numbers came with an initial selloff only to be promptly jackknifed higher the rest of the day. Of course Bloomberg attributed today's rise over fears the cold weather might cut into supply - LOL.
Natty Gas found support at the confluence of the 20/50dma. It's currently bumping up against 20 week moving average (not shown) and given it's daily structure I would venture to say it is poised make a move to the 200 day.
