No man’s land

• Posted by admin
• on April 4th, 2012

 

We wrote earlier this week that no sector does fake breakout/breakdowns better than the commodity sector, and copper ($HG_F) is certainly no exception.    Breakout and failure, and back in zone.  Commodities often break-out on the second attempt.  Right now though, there’s no trade for us here in no man’s land in copper.

That basically sums it up for a lot of set-ups that we see — Ags have a lot of potential but we’re not ancipating  ($CF $AGU leading the pack there)  and there are some oil stocks that are within 3-4% of our interest zones ($XOM $CLR $NBL).    We also see some very juicy support coming up ($XLF 15).

So basically we’re below break-out areas (and market too weak for us to anticipate) and still above support zones (another few days pull-back would hit these zones and get us involved long).     That means we’re doing very little, accounts are flat,  and we’re waiting for our numbers to hit.

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