Originally published on TheTechTrader.com.
Slope of Hope Blog Posts
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NUE …. Proven that It Wants to Go Higher
I was doing work on NUE back in the middle of Jan when it was trying to break the $45 level … I think with the numerous signs that the economy is picking up, the break over the past few days is just the start to several weeks of out performance.
Going to try and swing this trade in both my trading accounts and macro accounts.
Cheers …. Leaf_West
FCX/Copper … What is the Right Message?
I know I beat the FCX and Copper horse pretty senseless but they are great market indicators and FCX is a great trading stock. I blogged about the strength of copper over the recent past and today the ETN broke to a new high.
Is this the final wave 5 move? Watch internals for clues as the ETN's (or futures chart) price pushes higher into the expected wave 5 targets. I have those at $61.60 for the 61.8% and $65.10 for the 100% target.
What is FCX doing as copper is making its push?
FCX is still well below what we thought at the time was the wave 5 high/top. As noted, FCX is now above the daily 20/50 EMA's ($112.33 / $110.48). It appears that FCX should fill the Jan 20th gap and get to $114.70. the 61.8% retracement from swing high to low is at $115.80 … price could make its way up to that point and still be "officially" still in a retracement off of the low.
Keep your eyes on FCX/Copper to have a sense as to the strength of the equity markets.
Cheers … Leaf_West
RSC Holdings Revving Up
10:30 am Bench Mark
We are breaking above the important 10:30am eastern benchmark/pivot area … looks like a TREND DAY in the making
Volume so far today is supporting the move higher …
Cheers …. Leaf_West
