FCX, RIO, BHP, TCK anyone? Very hard to pull the trigger after what we say last September. These are nosebleed levels.
Look at FCX. Remember when the metals melted last summer? They were near these same levels (copper, zinc, lead and nickel) just prior.
I have this friend thats been loving silver for the last 2-3 years. I waited for the ETF (SLV) to come out last summer. Bought at 120, goes to 100 when spot price was at like 10...instead of buying more, I sit on it and get out at even money. I'm crying that metals just keep exploding, even fucking copper. I suck at this game. I think silver crossed a 14 spot spot today...anyone think metals will fall in the near future? For that matter, the equity markets too? Right now I'm a little overweight in ETF DXD and getting killed on it. I need the Dow to get around 12,000 to be even on that. I can't win these days... I'm still a bear for the rest of the year and not taking a loss on it now.
The only long position I hold is DDM, selling it off at 85.50+ or at new highs on the dow. DXD was looking good the day the DOW sold off. We may head higher, but I think the market could easily set itself up for another sell off.
Who is to say when the current metals (or anything else) bull market will end? Everything continues to go straight up, without any declines. It's insanity.
It makes perfect sense. Metals are very cheap when you consider things like liquidity and (re)building of infrastructure around the world (and if you think longer term). For instance I remember seeing estimates of copper consumption for the next few years if China rebuilds its electricity network. These numbers were just <i>insane</i>.
Traders are a funny lot, you get something that yields to your trading styles or systems you complain, get something that chops you and generates commissions only, you complain again. You fellas think too much just enter the F*&king trades and ride along . I suppose you have never heard of stoplosses as well ?