it looks like it fell off a cliff today. wonder if this continues. there's support near 3.10. up far too fast without any selling. there must be weak longs in here now.
Hedge funds are so caught up in the metals and grains. They will turn these markets upside down. Just like LTCM did to the indexes and bonds in 97, Brian Hunter did to natty last year, Red Kite did to copper this year. Be wary of the unexploited asset class, someone else is on the wrong side.
I had a thread about how I refuse to chase metals - especially copper, palladium, platinum, zinc, lead and nickel - at these levels. I won't lose my discipline. I will not buy at a level where my risk/reward profile is so skewed against me. Copper, under the best of circumstances could break through $4..00, though I believe that to be unlikely. It is more likely, I believe that it could fall back to last fall's levels again.
my call was for a 1-2 day counter trend trade . it worked. but the main trend was up, so it was risky. it still looks funky ,but I won't commit big till it folds over.