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Chart Patterns are nothing but Footprints of the Greenbacks.
Thursday, June 02, 2011
Why all traders should watch copper
How many times have we heard about Dr. Copper as a great “tell” for the economy? It’s on the radar for most longer-term traders but it should also be on the radar for short-term traders. We’ve said it a hundred times to our subscribers over the years that copper is THE tell on our market screen. It often leads the market up and down. Today was a fantastic example as it bottomed at 11:30 bar while the SPX kept falling for another 18 minutes until it bottomed.
Take a look at this overlay of SPY over HG_F
And in real-time, only on StockTwits (not on WSJ, not on CNBC!) the call from our esteemed friend Dinosaur Trader.