Posted by: jhamon | August 6, 2009

Connecting The (Macro Market) Dots…

From MysteryHedgie:

Connecting the dots between China’s overnight weakness, NDX, the market leader, trading through the round number of 1600 post  CSCO and softness in copper and aluminum after parabolic rises despite  rising LME inventories (see below of recent copper inventory) along with a firmer $ puts the Mo-mo mindset on  the  defensive, changing the psychology.  The burden of proof shifts to the economic bulls; a NFP report tomorrow that is not a pleasant surprise could be met by vigorous profit taking.  The  bulge bracket economists have caught up with the near 50% rise in stocks since March by upgrading their GDP forecasts for 2H2009 this week, but the market looks 6-12 months forward, and  2010 is a disquieting unknown.

Copper Inventory Rising

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