With the LME and NY both making historic highs in copper, it is an indication that the world ecomonies are going gangbusters. However, CNBC-TV analysts are calling for the move to continue in copper and other base metals.
Now that the doctor, the dentist, the taxi driver and the butcher are about to jump aboard, it stands to reason that we will see a corrective setback soon. Such a setback should send the above mentioned buyers scurrying before the upmore resumes. The September contract is at a Gann level at 167.00 while the December will reach its Gann level at 164.00. That is not to say that the bull market is over but merely to warn of some sort of setback. Traders should bite the bullet even if prices deline to 154.00 (December). This has become a big boy's market; therefore traders must withstand the heat in the kitchen.
More in my commentary tomorrow.
JBG
