- Following the Sept. 8 move through the 50-day simple moving average (SMA), copper futures have done nothing but consolidate in a sideways pattern. Any push higher through recent highs likely targets $2.65 and $2.85. Equity traders wanting to participate should continue to watch Freeport-McMoran (FCX) and Southern Copper (SCCO).
- Several have asked for an updated opinion on gold futures and miners, but very little has changed. Both gold and miners continue to trade stale, but if you're bottom-picking the Market Vectors Gold Miners ETF (GDX), I'd consider using a stop on close beneath $13.
- As we make our way toward Thursday's FOMC meeting I believe it important for traders of all timeframes to come to grips with the fact that no one knows, with anything close to 100% certainty, what the Fed will do (much less how the market will react when their announcement is made). Have a plan with areas of interest clearly marked and stay focused. Don't waste time with the prediction game. It's rarely a money maker.
Any trading or volume profile related questions can be posted in the comments section below, e-mailed to me at email@example.com or posted to my Twitter feed @ByrneRWS