Posted on 05/03/2013 10:53:25 AM PDT by blam
Markets Are On A Tear, Copper Is Going Nuts
Sam Ro
May 3, 2013
The market rally is looking pretty good with just two and a half hours until the closing bell.
The Dow's at 14,985, up 153 points.
The S&P 500 is at 1,615, up 18 points.
Also, copper is at $3.30, up a whopping 6.6%. Copper is often considered to be a bellwether of the global economy.
All of this comes after a strong jobs report. This morning we learned that U.S. companies added 165,000 nonfarm payrolls in April, which was much higher than the 140,000 expected by economists.
The unemployment rate slipped to 7.5% from 7.6% a month ago. This comes as the labor force participation rate remained unchanged at 63.3%.
"Relative to expectations in the wake of the tepid ADP report, the BLS’ vintage represented a “bon cru,"" said Societe Generale's Brian Jones praising the report.
(Excerpt) Read more at businessinsider.com ...
How are pork bellies doing?
But then, I come from an age when global warming was called weather, and news was to inform you so you could think for yourself, not to tell you what to think.
Looks like the Fed decided to spend a few billion of the $90-billion dollars per month stock market stimulus on copper.
More working, but actual working hours fell.
Some lyrics from “P T Barnum” come to mind.
There is a sucker born every minute
Each time the second hand sweeps to the top
Like dandelions up they pop,
Their ears so big, their eyes so wide.
And though I feed ‘em bonafide baloney
With no truth in it
Why you can bet I’ll find some rube to buy my corn.
‘Cause there’s a sure-as-shooting sucker born a minute,
And I’m referrin’ to the minute you were born.
Each blessed hour brings sixty of ‘em
Each time the wooden cuckoo shows his face
Another sucker takes his place,
And plunks his quarter on the line
To buy my brand of genuine malarkey.
God bless and love ‘em!
But don’t feel sad or hoppin’ mad or cause a scene
‘Cause there’s a sure-as-shooting sucker born a minute,
But Ma’am you mighta been the minute in between.
Keystone is coming, fracking continues, global warming theories being laughed at, Obamacare falling apart.
Market could go to 16,000 fairly soon.
"Turn Those Machines Back On!"
It’s a false recovery.
It’s climbing the cliff higher before you fall off.
Ride it up as far as you’re comfortable, but I’d have a “profit taking” point set before you get into it.
The famous (or infamous) CME frozen pork belly mkt closed for good and all last year. Industry needs for bacon have changed to the point where large users are now ALL slicing their own.
Don’t get carried away with the increase in copper prices. 17% of the world’s production was taken out two weeks ago at Bingham Canyon, UT by a massive landslide.
interesting ... wonder why that didn’t make the news at 6...
You can look it up on the search engines and it’s quite impressive. It is the talk of the mining and heavy equipment industries as it was probably one of the greatest slides ever. Buried something like 50 or more pieces of heavy equipment but with no loss of life.
Just announced yesterday that they’re going to put the mine back into operation. It’ll probably be the largest earth moving exercise ever.
Our local power company better start watching out for it’s ground wires on it’s equipment as some fools have been known to steal $100.00 dollar’s worth of copper and do a million dollars in damage to do it.
You can almost smell the kool-aid when you read this...
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