Con-tango

Copper tests highs

China has been growing with a whopping yearly GDP of at least 10% for the past 4 years. Although voices questioning its stability are sounding louder and louder from both sides of the fence. From Treasury Secretary Paulson’s last week comments to the G7 Finance Ministers statements, all seem to agree with Premier Wen Jiabao’s statements, "growth is unstable, imbalanced, uncoordinated and
unsustainable."

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I chickened out…

CL H7. Chart courtesy of Ensign.

Prices should continue their rally…
But, enough is enough… I’m out.
The jiggling around 13:00 hrs. hurt my account. Fortunately, from 13:30 on, I didn’t miss a beat…

And all in a… Friday.

11:28 stopped out

That’s it, I’m out –it’s bouncing…

CL H7. Chart courtesy of Ensign.

11:17 I’m in

Sold @ $57.26, due to failure of the 15 min $57.35 upwards breakout, the $57.10 low is acting like a magnet… Buy Stop @$57.40 –or at a failed failure…

CL H7. Chart courtesy of Ensign.

A Friday start

The daily chart is showing CL with a strong leg into higher prices. Apparently, the test of the $51 low held at the $54 price level. Yesterday, prices failed to breach the $58.20 high; so, a $57.10 price furthering the failure would be an immediate sell.

RSI, Williams R and CCI confirm the strong long bias. In particular, MACD is about to breach the 0 level, a significant threshold level. It is likely to bounce from it; but, if it doesn’t… It’ll signal a strong
CL H7. Chart courtesy of Ensign.continuation of the uptrend.

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