Metals - Nov 02,2009
Sunday, November 01, 2009
by PitGuru.com Authors of PitGuru.com
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The Metals Pit Review For the week of November 2nd, 2009 By PitGuru Daniel Cronin Precious metals had a wild week with the gold, silver, and platinum price all bouncing around but then settling a bit weaker than what was seen in the previous week. Gold dropped from $1,060 to $1,026 in three days as the USD made a bit of a comeback against other major currencies after getting run over for most of the year with the Euro/USD going from $1.50 to $1.47. This caused gold and silver to liquidate quickly with silver being the more depressed metal, trading below $16.30 for the first time in more than 3 weeks. I expect much of the same choppy price action to come but being a buyer on the downside move below $1,040 in gold as there is some good support at those levels. Copper also had a mixed week as prices broke the $3.00 mark again only to fall below it as the equity market sputtered off on Friday. There does seem to be good recent support in this market at $2.90 with long term support at the $2.70 level. Housing data came in weaker than expected to send prices lower last week but they didn't hinder the base metal as much as you would think considering housing data is a key stat in the fundamentals for copper. I would look to be a buyer of puts above $3.00 however as the equity markets seem to have trouble with the Dow 10,000 and copper has good resistance at $3.05-$3.07.
Recent articles from this author
- Financials - Mar 15,2010 - Sunday, March 14, 2010
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- 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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