Copper Futures Chart

Pre-Market Indicators August 21st, 2012

Copper Futures Chart

Good Monday Morning NY.

  • EURUSD (1.2408) + 0.51%
  • Gold Futures (GC) solidly over 1600 ($1625.60) + 0.33%
  • Oil Futures(CL) + 0.68%
  • S&P Futures (ES)  + 0.19%
  • CAC40 +0.75% 
  • FTSE + 0.33%
  • Asia (NKD) + 0.11%
  • Corn Futures (ZC) + 0.55%
  • Copper Futures (HG) + 1.65%
  • VIX: Yesterday’s Close 14.03

FOMC Minutes released at 2:00 pm EST
The market feels very green this morning, yet I’m surprised by a few things.

  1. The near complete reversal of copper after yesterdays plunge (chart).
  2. The strength in the Euro (strong Spanish Auction)
  3. And silver’s ongoing strength

I’m equally surprised by the strength of the CBOE index put/call ratio (here). At 1.64 this is at an extreme level. It’s been LOWER 96% of the time over the last year. In other words lots of insurance was bought during yesterday’s session.