Thursday, February 21, 2013
Meanwhile, in the base metals....
Mickey Fulp is constructive on palladium from a supply-demand standpoint. Apparently (going on memory here) he thinks Russia will begin hoarding, South Africa's a clusterfuck, and nobody else mines any significant amount. So was today a good buy point? Why wouldn't you buy the dip on an advance, especially with the supporting SMA right there for a good sell stop?
Coal seems to have dropped as result of... what, Fed minutes? US doesn't use coal though - I know this cos we haven't had that Ohio-made chewable smog in southern Ontario for years now.
But China does use coal. This must be a China concern... maybe fear that they'll start cracking down on air pollution?
But copper's been diving for 3 days now. Not good.
Nickel, to the extent this thinly-traded ETF means anything, is also dropping hard.
Is there some sort of emerging markets concern? Maybe cos of the Fed minutes? Almost looks like a good time to go short.
Vale's dropping hard too.
I dunno, have we suddenly become concerned about world growth? What's the new data?