Tuesday, April 18, 2006

Commodities continue to party

Have you noticed that copper has gone up 20 days out of the past 27 days? And copper has gone up huge on those 20 days, up an average of 2-3% per day. Does this mean we are in a mania, or in a serious supply-demand deficit? Because the street is incredibly bearish on commodities (see last post), I'm leaning towards the latter.

Nice to see Southern Copper Corporation (PCU) is up 5%+ as of right now. However, I foolishly sold Halliburton (HAL) at around 79.9 and Newmont Mining corp (NEM) at around 56.1 this morning. Looking back, I was a bit nervous because I was overleveraged in commodities and in options. At least I held on to the biggest winner of the day which is PCU.

Meanwhile, gold, oil, base metals, steel, uranium continue to roll and I see no end in sight.


Anonymous Anonymous said...

I'm impressed with your site, very nice graphics!

7:13 AM  

Commodities are great.

10:47 AM  

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