Steve Jobs says you can only do this in hindsight, and that is
probably great trading advice! That being said, Copper and
$SSEC will be the next leg down shocker IMO, and it might be within
a couple of days. Here is a chart of copper leading down --
if 50% and gap is lost, then the theory of rallying for many more
weeks is shot. BTW, copper's candle today is not looking like
a gentle retrace, but rather the commencement of a bigger waterfall
decline in the making. $SSEC shows us perched ever so
dangerously over multi-year swing low support. Not sure what
happens if that is lost. I suspect with copper down nearly
5%, there might be a gap below that level as soon as tonight.
$ssec closed at 2377 last night and multi year low is 2318.
A little over 2.5%. Copper is down 5%. I don't
know when it's going to happen, or if it means anything, I'm just
pointing out that if the close correlation between china and copper
continues, that potentially crucial support level might be lost
within minutes of tonight's open in Shanghai.
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Title: Connecting the dots looking
Posted by kalinm on 19th of Oct 2011 at 02:19 pm
Steve Jobs says you can only do this in hindsight, and that is probably great trading advice! That being said, Copper and $SSEC will be the next leg down shocker IMO, and it might be within a couple of days. Here is a chart of copper leading down -- if 50% and gap is lost, then the theory of rallying for many more weeks is shot. BTW, copper's candle today is not looking like a gentle retrace, but rather the commencement of a bigger waterfall decline in the making. $SSEC shows us perched ever so dangerously over multi-year swing low support. Not sure what happens if that is lost. I suspect with copper down nearly 5%, there might be a gap below that level as soon as tonight.
Not to argue w you but the $SSEC looks like very nice tradeable support
Posted by johnc on 19th of Oct 2011 at 02:48 pm
I'll take some of that.
Dun think China is gonna
Posted by cruiser on 19th of Oct 2011 at 02:22 pm
Dun think China is gonna crash and burn YET. But when it does, it's not gonna be funny, I promise you.
$ssec closed at 2377 last
Posted by kalinm on 19th of Oct 2011 at 02:24 pm
$ssec closed at 2377 last night and multi year low is 2318. A little over 2.5%. Copper is down 5%. I don't know when it's going to happen, or if it means anything, I'm just pointing out that if the close correlation between china and copper continues, that potentially crucial support level might be lost within minutes of tonight's open in Shanghai.