Copper continues its bull run, but Financials drift lower

By IBTimes Staff Reporter | January 04 2010 10:00 AM

METALS: 01/04/10 Higher closes last Thursday for copper, gold, silver and platinum. Copper continues to look higher with a new recent high and close (highest high and close since 2008). Gold settled higher and has been consolidating over the last week while silver hasn't been able to hold 1700 basis the March contract which is my first sign of turning lower but hasn't quite given me any signal at this time. Platinum also settled higher still acting like it will test its highs soon. I hold Buy Signals for Copper; Sell Signals for Gold. Please feel free to contact me for details.

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FINANCIALS: 01/04/10 Unchanged for the eurodollars while lower for the notes and bonds again but no changes technically. The eurodollars are still in a support area while the bonds took out its double bottom making a new recent low but managed to close in the upper hand of a huge trading range along with the the notes. Except for 'flight to quality' I can't see why people would want to be long the financials with interest rates at or near rock bottom and the indices still in up-trends at this time! Continue to look for lower financials overall.