Copper, monthly
WTIC Oil, monthly'2
Summary
A bit of a choppy..and dull Tuesday.
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Meanwhile, we do indeed have Copper and Oil still looking weak. Copper is especially something that interest me - since I'm currently short Silver (via SLV).
A break <$3 for Copper would bode badly for the precious metals, with Gold and Silver likely to take out their June lows.
As for Oil, as many realise, lower oil prices are unquestionably a good thing for the broader economy. That would most certainly include the mining stocks..who are of course trying to cope with lower metal prices.
Looking ahead
Wednesday should be a lot more active. We have retail sales data in the morning, and Mr Market should at least be paying some attention to that. However, more importantly...we have the FOMC minutes..at 2pm.
No doubt the algo-bots will be in full search/analyse mode. I think there is a very strong likelihood market will rally on whatever the press release might say.
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Come back next year
Broadly speaking...I simply don't see anything 'significant' for the bears until Jan/Feb 2014 - when the debt ceiling/budget issues again arise. Yet, even that might only amount to a 4-6% drop, and that would likely begin from levels higher than where we currently are.
As I will keep saying, for most of the equity bears out there, it is largely a case of remaining on 'survival mode' until we see a clear intermediate top put in.
Goodnight from London