Ryder Cup Friday
I try to be here every day but The Ryder Cup only comes around once every two years.
So, today's post is going to be a bit brief. The Home Squad is currently trailing and they are in desperate need of my support from my sofa.
All you need to know about the metals is everything you've learned over the past two weeks. The Cartels are desperate to contain price below $1780 and $35. Knowing this, the specs are reluctant to drive price through those levels for fear of reprisal. The latest attempts to "storm the hill" at 1780 resulted in mass casualties and a pound back to 1770. Who wants to be next? Anyone? Anyone??
The rally in the euro/decline in The Pig yesterday helped crude find a bit of a short-covering bottom. Unless it reverses and makes new lows soon, it likely won't see the 85-87 area. More probable is a pullback to $90+ and then a breakout higher, back through $94. At that point, you'd have a sweet little reverse head-and-shoulder bottom off of a textbook 10% correction. We'd also have a pretty attractive buying opportunity on our hands. Watch closely over the next week.
And my corn is jumping back today after a very bullish USDA report showing that the level of previously-harvested corn "in the bins" is down 12% from a year ago. Just wait until the magnitude of the losses from this year are finally revealed! At any rate, a reversal in corn looks to be at hand. (Again, I am the proud owner of two Dec12 $8 calls so I definitely have a vested interest in a rebound/rally.)
And today is the last trading day of September and the end of the 3rd quarter. Some time ago, Thunderlips had promised us that he'd conclude the 4-year silver "investigation" by the end of September. Hellooo?? Thunderlips! Anybody home?!? Helloooo...
And, finally, I was interviewed again last night by Rahul at Alt-Investors. This time was a bit different as The Doc from http://www.silverdoctors.com was on the call, too. I was also into my third Goose Island "Summertime" when we began the call so if I sound a bit more giggily and groggy, I apologize. This was fun nonetheless and I think you'll enjoy it.
As I close and go to hit send, I see that the only U.S.-associated item that is rallying is The Pig. The metals and The Ryder Cup team are both getting spanked. Oh well, keep the faith. I'll have a new podcast interview for you later today so please check back for that as well as some instant analysis of the CoT numbers, which might be kind of interesting this week.
Have a great day!