Looks like it will be good day with most of the following ducks lining up.
Iron ore spot = 118.20, up 0.9%.
Iron ore futures (Dalian) up 2.6%
Copper down 0.08%, but still recovering very well.
RIO up 2.48% in London and up 3.02% in New York.
BHP up 0.62% in London and up 2.03% in New York.
The present Ukraine scenario will probably only be a distraction to the markets rather than a reason for a sell off.
Alcoa's report overall positive, which sets the mood for the SP500 this week.
The SP500 bounced off the 50 day ma, around 1840, and closed at 1852. However, I will be ready for a quick exit from longs if the SP500 closes below the 50 day ma.
In addition, I suspect that traders and investors will have the FMG target of 600 to 625 in sight. That is, as profit takers and as a short opening opportunity. The intraday high on 24-Feb was 622, which is a double top with March 2012. Maybe shorters at the 620 level or so will get caught out this time and FMG will punch through to 700 ???
