Metals - Oct 19,2009
Sunday, October 18, 2009
by PitGuru.com Authors of PitGuru.com
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The Metals Pit Review
For the week of October 19th, 2009
By PitGuru Daniel Cronin
Precious metals had a very dubious week as they had all of the makings to achieve new highs with the USD getting hammered and crude moving higher, but actually traded flat in Gold to $1,050 and down 1.5% in Silver to $17.40. Platinum was also unchanged as the market trades at $1,340. Copper was the best performing of the base metals as the market rallied up to $2.90 as equities grew stronger.
It was puzzling to see Gold, Silver, and Platinum all lag last week as the Euro/USD traded up to a high of $1.4965, its weakest point for the USD year to date. It was most likely due to profit taking from the huge run, but still you have to have concern up here now. Let's digest the earnings of some big tech names coming this week and see if they have an effect on the USD and go from there.
Copper seems very comfortable at the $2.85 level right now with the equity markets holding here at the Dow’s 10,000 level. I would still recommend being a buyer on pullbacks. These markets do need to make some sort of correction though as the charts seem too good to be true for longs out there.
Past performance is not necessarily indicative of future results.
Recent articles from this author
- Financials - Mar 15,2010 - Sunday, March 14, 2010
- Energies - Mar 15,2010 - Sunday, March 14, 2010
- Metals - Mar 15,2010 - Sunday, March 14, 2010
- Softs - Mar 15,2010 - Sunday, March 14, 2010
- Grains - Mar 08,2010 - Sunday, March 07, 2010
About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
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