We see the writing on the wall of some changes that could be taking place in the copper market. However, at this point, we're not necessarily at a point where we can call for that yet.
It was continued fund buying.
We did have a decent-size range and saw a continuation of yesterday's bounce off $555 and test of resistance up to $570.
We had some early fund buying this morning. And we had some midday trade buying.
I didn't see one boat out there. It definitely wasn't fishing weather.
It was a combination of long liquidation and fund selling. We do see rising copper stocks and that is some of the impetus behind the recent pressure.
We look for near-term resistance at the psychological area just above $550 and more importantly around $554.
We had three girls under 100. That was our goal. We had two under 100 last week and will look for four under 100 in our next tournament. I was real pleased with our performance.
We opened the day stronger and continued a little higher, and then as a slight surprise to some, ended up holding the positive tone throughout the day - whereas sometimes on days like this in the past you've given up the bulk of those gains. Silver, specifically, closed relatively close to the highs.
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