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Joy Global, Inc. Message Board

  • harlanharp harlanharp May 4, 2013 3:43 AM Flag

    Take note!


    As RBC Capital’s George Gero writes to clients:

    Copper finished up over 6% as shorts scrambled to cover after Nonfarm Payrolls and the Unemployment Rate in the US came in better than expected. In the case of the Payrolls number, it was the revision of the previous month (from 88k to 138k) that really got the market excited. The red metal saw heavy turnover on the systems with over 44,000 lots changing hands on the LME’s Select trading platform as of this writing (the third highest volume day ever). Whether this is a game changer or simply the algo traders playing around with intraday positions remains to be seen. The red metal even traded through its 30 day moving average ($7295) during aftermarket trade which will have chart watchers and black box models on alert for a possible change in short term direction. With spec players still running largely short, the market is likely to remain very nervy (and choppy) for a few days

    Sentiment: Strong Buy

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