- The CRB commodities price index bounced hard, aided by oil's big spike on the Saudi refinery strike. The moving averages trend down however, so buying commodities was buying into a downtrend. That is usually the stuff of hope and little else.
- Doctor Copper, economic PhD and all, continued to prescribe dis-inflation as higher highs were not made and moving average trends remained down.
- A longer-term view of copper adds no relief to the picture. Indeed, it adds firm evidence that there is no technical reason yet to expect a positive outcome by investing in this premier industrial metal.
- The Metals & Mining ETF was one of only two vehicles I used to trade the bounce, somehow managing to fortuitously sell right at the SMA 200. But was it actually fortuitous or was it just a market participant thinking "profit in hand but an existing downtrend...take the damn profit!"? Oh yes, it was that second thing.
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Gary Tanashian successfully owned and operated a progressive medical component manufacturing company for 21 years, through various economic cycles. This experience gave Gary an understanding of and appreciation for global macroeconomics as it relates to individual markets and sectors. Along the way, Gary developed an almost geek-like interest in technical analysis (TA), to add to a long-time interest in human psychology. Various unique macro market ratio indicators were also added to the mix, with the result being a financial market newsletter, Notes From the Rabbit Hole (NFTRH) that combines these attributes.
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