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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- Keep swimming but with an eye on the shore
- Make peace with not catching every move
- 21 days and counting
- Trade against it
- What’s your edge?
- Wait for it
- Keep Calm and Carry On
- Even if you don’t trade it, you have to watch it
- This is where we would buy AAPL
- No matter what your time-frame, be patient enough to trade against an edge