Nothing to do with the earthquake of course — by late Monday, Sunday night’s spike was retraced to where copper closed on Friday, once traders calmed down and actually read the news reports that copper production and transport facilities were fine.
In the 3.29 – 3.35 range this morning, it was trading about where I’d expect given the action in stocks, oil and other metals. There ended the rational for my short from 3.45 Sunday evening, and I closed the trade at 3.34, noting the neutral trend of RSI and a bullish MACD cross on the hourly bar:
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I’ll now be looking to re-enter for a longer-term short, since I think the pending implosion of Chinese, Australian and Canadian real estate and the general resumption of the deflation trade will not be kind to industrial commodities.
Sovereign Speculator 