Special Metals Comment

Being down on the week is ok. Being lower than the Monday open is not

Metals Comment:

This is a potentially bearish week. We discussed the risk ad nauseam on Sunday. Why bearish?

Nutshell: the biggest 3 up days out of the last 8 trading days had fresh Fund buying, which is to be expected. But the amount of buying needed to move the market higher increased on each day. The last day of the week had fresh buying that created a new high, but did not maintain it. Signs of gas running out for now.

Interpretation: as was said Sunday. Either a pause or a top are due. This morning’s pullback is a PAUSE not a top. When will we know if it is a top?

Using no other tools…. we will know Friday. How so?