Slope of Hope Blog Posts
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After dropping overnight (presumably in response to the bailout conditions of Cyprus), Copper is still trading down near its low of the day. As shown on the Weekly chart below, it has broken below a fairly major uptrend line and both of its 50 and 200 moving averages, is sitting at its Volume Profile POC and lower Bollinger Band, and is just above its lower 1/4 of a longer-term very wide sideways channel.
A drop and hold below today's lows could send price down to 3.20 or lower to 3.00.
Almost all my trading is confined to my hedge fund, but I do have a very tiny (like $5,000) options account I trade on rare occasions for myself when I'm feeling pretty confident about a trade.
My last two trades (pretty much the only ones in months) in the QQQ have both resulted in profits, but good lord, they sure turned south in a big hurry afterwards. You ProphetCharts folks out there should know you can add these text notes, if you're ever interested in marking up charts with comments like this.
I scurried out of my QQQ puts this morning for a nice little profit, but as I'm typing this, they are unchanged on the day!
Excerpted from this week’s edition of Notes From the Rabbit Hole, NFTRH 230:
Funny Munny on the Run
US monetary policy makers have enjoyed a Goldilocks environment since
they began the most intense phase of inflationary monetary policy,
which we will define as post-Operation Twist, beginning in January of
2013. Goldilocks held sway because of a lag in inflation’s rising cost effects in the transition from economic contraction to economic expansion.
But the expansion (such as it is) was willed into existence by a Fed
sopping up commercial and government bonds (legacy debt) with newly
printed money. The story goes that this newly printed money will
somehow enter the economy and become accretive to productive economic
activity. But it will not.