Coils and Copper, Son
Wednesday, November 18, 2009 at 02:48PM I'm going to make this short and sweet today. I'm going to conduct a live trading simulator presentation tonight, and I need to get my "prep" on.
The Ag stocks were certainly fertile in my portfolio today, with lots o' volume behind their advances. The calls are already up 55%. If you are not participating, make yourself a note to buy into weakness. On a side note, I was also impressed with the action in the BKX today. So impressed that I bought calls on a bank.
The ES has been generating a tight range of value lately, all north of the 1,100 level. The ES had multiple attempts to take out this level today, and failed. I like the pattern here, and so far it looks to me like it supports higher prices.
I also love how the 30 minute trend has held in the S&P cash index.
From the swing trading perspective, you gotta like how stocks are basing here ahead of the holidays. I'm net long, still an interested buyer, but really looking for a resolution to the ES range that's developed before taking my next plunge. A move away from value ought to be a catalyst to take down some more longs. At least until that McClellan moves another 20-30 basis points.
I'm still a fan of materials, my favorite software plays, and select foreign equities. What I think you ought to be watching tomorrow is the divergence between Copper prices and Copper equities.
Copper at new relative highs...
Copper stocks...not quite.
That's it for me tonight. Until tomorrow.
OA
Long: Copper stocks
Short: Time
Closing Theme: D.O.A
References (1)
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Response: You've Been Fertilized!Did you sell your agriculture trades today for 300% returns? I did! Well, some of them anyway. I only
Reader Comments (21)
Copper stocks are looking very tempting. I like Jay Z video.
Thanks
Thanks Jeff, I love the TA site and services, but I missed the banter on OA.
Long Jay-Z in size.
OA
S may be changing its trend. Any thoughts?
Debbie,
It looks like Sprint got an upgrade from Credit Suisse. Could it be due to that? Not sure..... What do you think OA?
Long: Queens and Brooklyn
Debbie,
If it gets above the 200, I'd feel more confident with that assessment.
Even up there, the stock is still on a sell signal.
http://stockcharts.com/def/servlet/SC.pnf?c=s,P
I like the momo in VM instead, if you like wireless.
OA
Ax,
Is Brooklyn in the house?
OA
All Dayyy!!!
I was hoping for the auto-tuned version of this :)
Dec and March corn contracts are making beautiful cup and handle formations. Better buy your corn Nate!
Dec - http://screencast.com/t/YWJhZTljNzY
March - http://screencast.com/t/ZjE5ZDM2N
Duuuuuude,
Do you trade Sugar?
Prices have been coiling up pretty well, look ready to snap.
OA
/SB is amazing triangle...
Better look at Wheat ( /zw ) [ similar to corn; not as rounded], Oats ( /zo ) [ not quiite as pretty but similar shape] , and Coffee ( /kc) [ ascending triangle ]
Jeff, I have never traded sugar, but what a beautiful pattern! Not much wiggle room here. http://screencast.com/t/MDBjNzJkNTMt
Duuuuuude, no need to buy corn, just gotta get it out of the fields and dried. The test weight is low, gonna get docked selling it next year.
LP GAS, farmers can't get enough of it to dry there corn, I need to find some good stocks to trade to the upside short term, any ideas?
Long
agriculture and corn fed venison
Short
rap - people actually listen to that crap? death of my braincells
Nate, you should speak to your crop insurance agent about quality discounts on your crop insurance policy.
Thanks Jeff, VM does look like it could go up with a lot less effort.
why no love for me jeff when i post a comment thought you didnt have any love for bk,we dont like jay in brooklyn too hollywood so im shorting jay z
S&P down 1.6%
FCX unchanged.
Copper about to go positive.
OA