"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


Saturday, July 19, 2014

Copper Market Signal Remains Unclear

In attempting to ascertain the overall strength of the global economy ( or at least what traders are thinking in regards to it) long time readers will understand that I prefer to monitor two key commodity markets, namely Copper and Crude Oil.

Of the two, crude oil tends to be a bit more elusive in nailing things down as it is much more liable to influences from geopolitical events which can distort its signal at times.

Copper tends to be more even-keeled and less likely to be as severely impacted by event-driven fluctuations in price.

I keep coming back to this amazing battle occurring in the Copper market which has been going on for some time now. It is a battle of the titans in my view - these titans being the large, well-capitalized speculative forces.

On the one hand we have the hedge funds. On the other hand we have the other large reportable traders.

Once again, they are at odds with each other on the future fortunes of copper.

Here is a look at the most recent Commitment of Traders chart detailing their positioning.

These two groups had recently been matching one another almost tit for tat. As the hedgies would pile onto the long side, the other large reportables were taking the other side of that same trade as they were positioning from the short side.

What this essentially translates to in the real world is that among the largest speculative forces in the market, there are two very distinct and sharply divergent opinions on which way the overall global economy is heading.

The hedge funds seem to favor improving growth, which is in line with the seemingly non-stop upward progress of the equity markets while the other large reportables favor a slowing of growth and a more deflationary looking environment as time moves forward. The view of the latter is aided by the overall fall in the various commodity indices such as the Goldman Sachs Commodity Index for example and the recently declining TIPS spread.

Here is a intermediate term view of the copper chart which provides a bit of a larger perspective on how copper prices are generally performing.

The initial view of the chart suggests that prices are in a gradual decline lower which began three years ago. Within that time span, there have been rallies upward in price but those have failed to hold and the market then resumed its DOWNWARD GRIND.

Over the last year, Copper prices have not been able to penetrate the resistance zone noted on the chart. That is near the $3.40 level. Three weeks ago, a sharp rally erupted ( noted on the chart by the ellipse) which looked as if the big bet by the hedge funds was going to finally pay off, but there was no follow through the next week. This past week saw the market retreat lower once again.

In looking over the particular indicator I have chosen to exhibit on the chart, the RSI, I am noting that it has been effectively capped near the 60 level for the last three years. In the third quarter of 2012 it managed to poke its head through that level but then quickly failed once again. As one can determine by the use of this particular indicator, copper has been in a grinding move lower as a market with strong internals will always trade above 60 on the RSI during rallies. Such is not the case with the metal.

Why I wanted to put this chart up and discuss it is because it is indicative of the great lack of certainty among traders when it comes to knowing what lies ahead for the global economy. Without a convincing change for the better in the chart pattern of this key industrial metal, it is doubtful that we will see economic growth overall exceeding current expectations. While there is no doubt that the easy money policies of the Western Central Banks have succeeded in preventing things from worsening and have allowed more borrowing ( and thus more growth) to occur, traders are unclear what is going to happen if interest rates rise in the near future. This uncertainty is what is contributing to the relatively stagnant trading pattern in copper.

For me to come around to the view that the global economy is actually picking up speed, I would want to see a confirmation in this chart pattern by seeing that resistance zone which is overhead give way. For now the bull forces and bear forces are stalemated ( remember - I am speaking of intermediate time periods, not daily movements) with neither side being able to get a clear cut advantage.

Shifting to crude oil- I do want to note the sharp liquidation that took place in the crude oil market coming off of that record net long side exposure by the hedge funds. You can see on the COT chart the plunge in their net long positions ( almost 100,000!).

Here is the resultant chart pattern in crude oil...

You can easily see the rapid fall in price  ($8.00 bbl) that their selling produced. The last three days of this week ( not reflected on the COT chart) saw the events in Ukraine and in Gaza send it back up. I would note however that Friday saw no upside followthrough from the sharp gains of Thursday. So far, the market has been unable to push through $104.

One last thing which I find interesting and it is related to the grains...

Take a look at the corn chart.

Even a novice could take one look at this chart and realize how bearish it has become. Yet if you look at the COT chart detailing the positioning of the hedge funds, ( and the other large reportables for that matter), you can see that both groups of the largest speculative traders in the market have been ON THE WRONG SIDE of this market since April. I find that utterly fascinating!

The hedge funds had built up a fairly sizeable net long position in April of this month, right about the time that prices began to collapse. Corn prices have fallen over $1.20/bushel since then and guess what? - they are still net long! They began building their net long position back in November of last year when prices were between $4.20 - $4.10 and they bought all the way to above $5.00. Price closed at $3.71 on Friday. Talk about losses! Yikes!

I have no idea what these guys are doing on the long side of the market when all of the techincals ( upon which their computer trades are based ) had all turned sour.

That being said, I find it hard to believe that now, while they are heading out of the door, that they are not going to move to the short side of this market, even after prices have fallen this low. If they do, and again, I have no way of knowing if they are indeed going to do so, there will remain considerable downside in this market.

Grains can be notorious for their sharp reversals which result from shifting weather forecasts but if the forecasts remain benign, the hedge funds have a lot more longs yet to liquidate even before they would end up on the short side of this market.

This is exactly what they did in the bean market.

Here is the COT chart for beans....

Since March of this year, the hedge funds have been bailing out of a very large long position they had built up in the bean market. This was fundamentally based around the concerns related to an extremely tight carryover. As ideas began to take hold of a large crop this year, prices began to move lower and that kicked off the round of long liquidation that merely gathered speed as the crop estimates grew larger.

Notice the sharp fall in price that has resulted!

Here is what is noteworthy, especially when one compares the positioning of the hedge funds in the soybean market against that of their position in the corn market. For the first time since 2011, the hedge funds are now NET SHORT in beans. It is not a large position, but it is one nonetheless. Traders will now be watching to see if they extend this position and begin to increase it significantly. If they do, beans have more downside.

Some of you might have noticed that I am not spending much time detailing gold these days. That is because I view gold trading in the current environment pretty much an enormous waste of time. It is being driven by geopolitical events. You tell me how the various geopolitical events will play out and I will tell you what gold will do next. The truth is I hate trading markets like that because they are too unpredictable. While the Gold ETF is showing some increase in gold holdings which is positive, a falling commodity index and a Dollar that is remaining relatively stable, are working to keep rallies in check. Also, any shift in sentiment in regards to higher interest rates coming will short circuit gold rallies.

For now, as long as traders are nervous about geopolitical events or for that matter, European banking problems, ( think Portugal ) gold will find buying support. Absent that I haven't a clue as to where it might go next and frankly I don't care. Until it shows some clear signs of a SUSTAINED MOVE in either direction, there are other ( and better ) fish to fry.

By the way, I will leave the reader with one last chart...

I am not expecting clothing prices to soar higher ( at least 100% cotton composition) any time soon...


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    1. DarkPurpleHaze
      I see a lot of haze here. What's the point?

      Think we all know that copper and copper mining is big business with lots of participants.

  3. DarkPurple, you have not told me anything I did not already know. I think you are clogging up this good site. It is a bear mkt and that is all from Sparks

  4. Great thoughts Dan; my only suggestion is to blow out the long winded posts and the Indian girls who have no conscience. They give their race a bad name.

  5. I guess your three vacant complaints trump my two copper related posts that were meant to fill some empty space that maybe someone else, besides just you two, might find interesting.

    Adios amigo's.

  6. it should be amigos if you got past 6th grade, not amigo's, pal and stop with the re-posting of other stories, okay? thank you.

  7. steve, do speak any other language in addition to fluent Arrogant Jerk? It's one thing to agree or disagree with whatever people write on here, but quite another to condescendingly disparage other people with tirades of bile and personal abuse, which is quite consistently all you appear capable of

    as it happens, I also thought DPH's comments were long-winded and unnecessary - but this is not my website, and therefore it is not my call; who the hell do you think you are to believe you can talk down to people in this way?

  8. Dan thanks for ANOTHER insightful post. Are the COT reports posted all through July 15th? The hedge funds have more than doubled down on their long bets on Copper from May. This is after getting pummeled the first two weeks of June - that is insane! Also with the losses you described on corn and beans they may have some unhappy clients... Also do you by chance have the COT for crude you referenced? No big deal if not, I can imagine what it looks like.

    1. Trinity Trader;

      Thanks for reminding me that I FORGOT to post the COT chart up there for the crude oil... it is in the article now! My apologies...

      have a great weekend,

    2. Thanks Dan for the COT chart and the unbiased analysis. It really helps one to understand how the positioning of the hedge funds can influence price movements. The wild market swings we see sometimes reminds me of the organized chaotic movements of the European sterlings in this link:


      Have a great weekend

  9. Yep, another "extraordinary feature" of "Infinite Fiat".

    The more money our government prints,

    Prices of essential items such as food, gasoline, cotton, etc. go into immediate crash mode after reaching the top of their trading ranges.

    Any wonder why stocks like Starbucks are soaring? The $2.50 brownie they sell used to cost 35 cents. Today, it probably costs 15 cents. And Starbucks just raised prices on coffee. Profit margins of these companies are simply enormous.

    This is proof how money printing is indeed a "self-reinforcing" component of the "Perpetual Motion Machine" created by Ben Bernanke, whereby huge amount of stimulus and QE has proved to be a huge boom for the consumer.

    Stocks soaring
    Bond yields plummeting
    Commodity prices crashing

    Hey, what's not to like?

  10. Great post as usual, thanks!

    Weekly time unit, seems like Copper is in a range indeed, with horizontal bollinger bands, and guess what? Prices bounced and reversed right on the upper bollinger band...which is why I keep using them as one of my indicators for trading decisions.

    I'm expecting a short term bounce upwards if we hit 314-315, so I'll be monitoring this area in case I can place a long order there monday or tuesday.
    Have a nice weekend,

  11. HFT, what it means in nowadays crazy markets...


  12. Dan, thanks for concentrating on the more important commodities.

    One thing that struck me in your discussion of Hedge fund positions is that this category must include Managed Futures funds (or am I wrong?). As you know, their performance has been absolutely abysmal, for several years now. Could these huge wrong-side positions be primarily accounted for by these MFFs? It astounds me that these supposed pros can get it so wrong, and in the face of several roaring bull markets in various commodities, this year alone...

    Your thoughts on this are appreciated.

    1. Rico;

      I lump the hedge funds into the Managed Money category when I discuss these COT reports. They can generally go long or go short. The index funds on the other hand, are funds that offer investors exposure to the commodity sector as an asset class and generally speaking ( there are some exceptions) are what we traders refer to as "LONG ONLY" funds. They take long positions across a variety of various commodity markets ( depending on which commodity index they benchmark against) and most often do not play the short side unless it is for defensive purposes.

      I distinguish those index funds from the hedge funds or managed money. Both are managed money however. The CFTC classifications can be confusing at times because I have seen some of these index funds in the swap dealers category.

      For analysis purposes however when I am looking at the COT reports, I refer to the Managed Money category as hedge funds.

      Not sure this helps but that is how I look at it.

      Sometimes these guys are on the wrong side of the market but it does not tend to happen too often since their computers usually have them going in the direction of a trend.

      When they screw up however, they do it style!

  13. Last post....directed at NO ONE here....just one smug, obtuse individual out there. I guess I've been blocked at TFMR...a badge of honor of sorts.

    Thanks for everything Dan, I'll continue to read your analysis and thoughts on here.

    ¤Suppository Rex¤

    The internet is full of old cranky narcissists who believe their wealth of life experiences makes everyone else an imbecile by comparison. You know it all, and you're comments generally reflect that.

    Overall, you can't be taken seriously (nice try anyway;-) and you're effect on here is like chokeweed on the flow of conversation anytime you show up by the looks of it. That's not my concern or problem.

    You'll be glad to know I'm pulling the plug on my account after this so that the auto-resubscribe doesn't kick in shortly. You can take that feather and cram it onto your ass-hat and make the claim that you've vanquished me. Congrats!

    Take care everyone.

    1. Darkpurplehaze, no point in getting emotional because of some poster on the internet. Im with the postcolonial brit on this one.

    2. Gotta second DPH on that one. I understand the reference, and said individual really does think he's smarter, richer, better-looking, you-name-it, etc. than literally anyone else. Truly a closed mind--and there's nothing sadder.

    3. Don't sweat it DPH. Everybody who was worth a sh*t is already gone from that site, one way or another.

      And...Hello Rico! Long time...

    4. ditto to all above. and congrats Haze for finally getting excommunicated :-)

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    1. Jasper...I realize that and I'm going to respect their wishes (and maybe TD's also) to post less.
      No problem there, I understand.
      As far as emotion goes, I posted that without anger but not without sarcasm. That place is a mess except for several individuals who somehow manage to block some of the lunacy out. I couldn't care less and it's been that way for awhile.

      Rico & EO....I see some former comrades feel similarly over ar PTC. Thanks for the support.
      It's easier to get banned over there for speaking the truth about the attitude or content at times but if you blather on about some of the most angry, crude or crazy "theories" (or spy on on your subscribers private messages/they'll deny they do so) you're good to go on for as long as you want or almost anything you want to post about.

      By all appearances...TEOTGTE is upon them. Pretty easy to guess what the "T" is.

      I would ask nicely, and out of respect to TD, that everyone drop the subject and focus entirely on Dan's unparallelled market and geo-political laced analysis.
      Easily the best value on the web and hopefully some of you out there will help him continue this by way of a small (or sizable!/lol) donation that he'll never panhandle for. I'm glad I did.

      Time for me to move on and maybe even open up my long dormat blog, but I'm not inclined to the longer I experience the dynamic or asylum the internet can oftentimes be. That's why I changed my mind.

      Thanks TD for allowing me to get the proverbial last word in.

      Support Dan...and play nice ;-)

    2. There are dozens of places like tfmr that promote insane thought and censor and ban people. Its essentially a cult. Your better off.

    3. DArk Purple;

      I have no problems with any of your posts. I hope you will continue to stay and post.

      May I offer a suggestion? how about when you want to reference a link on the internet, instead of posting the entire article, post the first couple of paragraphs along with title and then provide the link. That way those who are interested can go and read the article?

      Thanks much....


  16. Probably the most important article I've seen in a while, has a chart that compares Gold vs S&P 500 Total Return (ie with divs) since 1972. Stocks are crushing gold by more than double, over 40+ years, through all kinds of ups and downs.

    OK, so Nixon just "closed the gold window", and the ZHer's of the day are saying that inflation and all sorts of hells are going to break loose. So, you take your savings out of the stock market forevermore, and just sink it into gold, and wait in your bunker for doomsday. Well, the data is in, and you screwed up. You looked like a genius until 1980, but of course you didn't sell, and now your heirs have less than half of what they coulda/shoulda had, if you hadn't been suckered in by the fearmongers. You wanted to protect the purchasing power of your savings, right? Well, I'd say double the money in stocks won, and gold lost. If you are still around, you've retired to Kenosha, not Key West. Sorry buddy, you read the wrong newsletter.

    The best I can say for gold at this point is that it was pretty good in the 1970's, and again in the 2000's. Given that, I really don't expect anything good to happen to gold again until the 2030's, some 16 years more or less from now. It makes no sense whatsoever to sit with a bunch of double eagles under your pillow for 16 years, when that capital could be put to productive use elsewhere, perhaps doubling in that time. Buy gold again later maybe, but not now.


    1. "You wanted to protect the purchasing power of your savings, right? Well, I'd say double the money in stocks won"

      Purchasing power of my savings won, with the doubling of stocks? That seems backwards.

  17. Eric O, you are right on the facts. But in here for over a year now, the gold and silver do not look that bad on the weekly charts. They are still stuck range-bound and sentiment is negative also, BUT, and I have no position or axe to grind, but I would follow the break-out that must eventually come.

  18. Here is another one that really, really, REALLY, annoyed me lately. Adam Hamilton, espousing the usual argument that, adjusted for inflation, the S&P is NOT at new highs at all, and that in fact it is not a new bull market in any technical sense, but really a bear market rally at best.

    Now, if you go spooking around at goldbug/doomer sites like I do, you've seen this argument a hundred times. And it all seems to make sense, and feed your confirmation bias, as long as you don't think too hard.

    AGAIN, the guy is conveniently leaving out dividends. Any long term return chart will tell you that a huge chunk of total return over time is because of reinvested dividends, but these guys always leave them out! All the better to bash productive assets, and push an asset with no yield, as usual!

    In this particular article, he posts a 2000 to 2014 deflated chart, and a 1966 to 2014 deflated chart. In both cases, ADD 1 or 2 PERCENT reinvested dividends per year over the period ( I'm sure the real number is higher), and you'll find out that stocks are indeed at new highs, by a mile. New highs are happening every day. No one, not the most incorrigible of naysayers, can say it's still a bear market rally with a straight face. The meme is busted. Totally busted.

    And the defense of last resort? Of course, argue that the inflation data is faked. When the data refutes your entire economic theory and your personal business model, just say the data is faked, dump the chessboard on the floor, and walk away. The sheep will still send in their monthly subscription fees and the wife can still buy those fancy shoes. All is well in Doomerland.


    1. These gold bug newsletter writers are invariable intellectually challenged jerks with a lack of conscience. So much for honest money.

  19. Just FYI, I put my stop loss order for gold above 1305. So with a long entry point at 1308, it's a very little loss I'm risking here, with a high probability of getting stopped out by the noise as well.
    Agreed with Dan that there's not much to do about gold right now, it was more of a routine long order due to the fact that we seemed to bounce right on the fibonacci level at 1307 on my chart, so as I always mentioned gold is bouncing from one level to another, I'm targeting 1337, then hopefully more, and who knows, maybe it will get right, and in any case the risk reward ratio is 10 to 1, so I'm doing this kind of stuff sometimes on the short term. It loses more often than it wins, but with such good ratios, I'm still making a small profit with them.

    SP500 is still in this danger zone near 1980 and I'm keeping a very close look at it, again to try to short the market near a top and with a very short term target, just as tried to do a few days ago (short 1970, out 1953 with 25%, stopped out 75% at entry level).
    Have a nice day,

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    1. This conglomerate of cheap content website advertised by Nidhi Singh and other fake names seem to come from India.
      Of course there is no point clicking above except helping spammers make money with your time.

  21. For the record :
    I'm not detailing all small trades I'm making in order not to pollute the blog.
    I'm also not commenting my trades about specific markets which are not considered here (Cac 40, stocks within Cac 40...).
    At the moment, I am short a small line on SP500 further to a 123 MACD down on the 4 hour time unit and long gold a small line further to a bounce on the 1307 support area I was following.
    Holidays are coming, so I'm not expecting a lot of action, rather a lot of noise, but who knows?
    Have a nice day,

  22. EUR USD bounced EXACTLY on the Fibo level at 1.3490 on a 4 hour candle and is now flirting with 1.35 again...the support of the rising wedge is about to break as well...there might be a lot of selling pressure under 1.3490...

  23. Dow still over 17k?? OMG, the ZHer's must be rolling over in their graves. (which is friggin hilarious)

    "in their graves"?? Did I mean to imply that they were already dead?


  24. I say this as someone looking for objectivity on the topic of PM's, the markets and commodities. This site has been right to point out the incredible distortions of the gold bug intelligentsia. It is bankrupt and full of excuses. The problem is this site is now permeated by anti-gold people just as filled with nonsense as the other side. Is there ever a moment here after a 15 months where those here don't just take a breath and look at reality and say maybe we have jumped the shark now to? Trader Dan who is one of the most reliable and smart people in commodities that there is deserves better, but others here rant and rave about the same garbage over and over. Scoreboard you guys can celebrate gold is in a bear trend, but based on the sentiment here PM's may be worth looking at again now. Mark even thinks gold has some upside. Steve seems to as well. Get a grip, the gold gurus were jerks and did a lot of people a great disservice and now you are as well.

  25. Concord; The daily charts for gray and yellow are as sloppy and un-readable as I can ever remember. This tells me that the indecision on the part of just about everyone is huge. Also, look at the indecisive currency action which is very choppy. The Yen is classic. We all think we know it is no good, but it will not fall apart. For the first time in I do not know how long, I watched msnbc the day of the airline shoot-down and only had to shake my head at what they were all saying. No wonder nobody watches them anymore. The media has long ago been bought and paid for and that is why we only hear from Kerry, McCain, Feinstein and the potus, but how much air time does a real patriot like Paul get? I do not know, but if I had to bet, I would say that this shoot-down was a false flag by the Ukrainians, BUT, that is only my thought. Anyway, off my soapbox as I do not want to jam up Dan's site, and you are right in that he is the best, and that the number of gold bears has increased of late, but their thoughts seem to be ok by me; their main beefs are really with the hucksters out there that we all know are FOS. Take care my friend

    1. Ill report here when i turn bullish unlike the jerks that pump gold all the way from 1900 to 1200 from 2011 to 2014 while profiting from selling newsletters or shares. They are not that stupid which means they cannot be trusted. Gold sells on fear and greed which is what they sell.

      Jimmy doing q and a s in august september october and november tells you this bear isnt over yet.

    2. Steve,
      You are someone I respect and listen to. I just think we all have to open ourselves up to objectivity. We all can become the things we hate. I have sold my gold and I was greedy I learned a lesson, but at some point some people here have to say I have no more venom to spew on this topic. I need to shut up and see what the world is really telling me. Sinclair is a pathetic old man now. His comeuppance has been epic. I do believe that somewhere in the not so distant future gold will turn bullish and this site has people that will miss it, just as I did on the bull side believing every projection the gold community spewed out. Thanks for your always valuable thoughts Steve.

    3. You are now stronger and wiser > crashing and burning, but Jefferson used to say that it is part of the cycles of life and a necessary thing, or something to that effect. There will always be pm frauds as well as real estate gurus and that is just a fact. Hang in there and stay loose!!

  26. Trying to short SP500 on the dqily time unit signals while it remains in its strong 2week candlechart uptrend seems to be an exercice in futility. I'm hardly trying to reach 1900 $ and a decent correction of a few percents after this race, but...this market is still in levitation.
    On the weekly time scale, the MACD seemed to curve down under its propagation axis, while the CDUR was sending friendly signals.
    But every single small dip seems to be bought.
    Enve on shorter time units, shorting this market seems to be a great waste of energy atthe moment.
    I thought that the proximity of 2000 and the mlh sup of the upwards monthly time unit Andrew's pitchfork would be the occasion for a correction, even small, especially during summer, but... hmm... must be manipulation! My models cannot be wrong! :)

    Weekly time unit SP500 chart

  27. As for gold, pretty disappointing as well if you are a bull...can't muster enough strength to reconquer its daily ma20. I took a long order at 1308 based on the remote possibility that we may reach 1337 once more after 1307 fibo level held, and based on the fact that with a stop loss at 1305, the risk/reward ratio was a fair 10 to 1, pretty nice odds for my big risk of being stopped out with my small line. But I'm not betting a penny more on gold rising this summer. As far as I'm concerned, it may as well decide to retest 1240.

  28. Silver.

    On the daily time unit, the Cdur is telling me that silver may have the opportunity to keep going up : silver went up nicely when Cdur went up, and is not horizontal while Cdur went back all the way down. So, potentially this is a good sign that the trend is still there...

    But there comes the weekly time unit. And here the Cdur on this time unit is not in phase with the daily. It just started its move down from the top of its cycle. And in terms of prices, well, we are pretty close to the upwards bollinger band, while bollinger bands are in a range, i.e strong probability for prices to remain within that range, i.e...resitance just above our head.

    The 2day time unit shows stochastic momentum index reversing down fom a high level which twice before sent prices plunging.
    So...here also, I'm only enticed to do nothing and go on holidays...

  29. Ah, maybe some real beginning of trend?

    EUR/USD finally went through its 1.35 support level!!
    I'm short since 1.3485...wish me luck!! :)
    Have a nice day.

    1. P.S : as a reminder, Armstrong mentioned that Eur Usd was in a strong uptrend, as Europe was the victim of a depresionnary pre collapse, which was bullish for euro on the short term, with a parallel of the late twenties with the dollar... well at the moment, Eur is about to lose its balance of the support at 1.35, but I'm sure he'll be totally right next time...

    2. Hubert;

      It is all about interest rate differentials and unfortunately for Armstrong, the market is focused on that.

  30. Hubert, Armstrong and Celente make very good arguments regarding the deterioration of societies worldwide, but I would bet a $ vs. a doughnut that they have never taken any $ out of these mkts. Gold has trapped bears at 1240 and now 1340 and I expect no resolution all summer long. Take it slow and easy, "Breezy"!


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