TERROR PREMIUM

Still have not heard a word about the terror premium in Copper, but I guess its there somewhere as the price has rocketed straight up from 2 to 3.6 in a couple of months. The crude picture is a bit different and today could be an important day on the chart. As I type, crude is trading in the $71 area and if it holds it looks higher, if it breaks through the $69 level it could head back to the low $60's. I guess it could do anything, but for now I will go with higher as W says he doesn't want to have an Iranian pen pal.

The major market indexes are mixed as the large cap DJIA (+34) continues to outramp the Small caps (flat) and the QQQQ (-.38%).

Market internals are also flat. The story remains all about commodities as the gold indexes are higher by over 3%. The 10 year Bond is staring at a 5.15% handle and that is causing lower prices for financials and homies. SMH is down 1% and that may approach a buy signal later this afternoon if the drip continues.