Nice rise last night saw Ni brush USD$30,000 resistance aside and keeps buiding on recent gains. Next resistance around USD$38,000. China's demand has nothing to do with sub prime mortgages.
Lots of "chatter" about iron ore on FXR thread - that's coming but in the meantime Ni and Cu are what they are exporting to China.
You would expect gold stocks to be forging ahead on a day like today but no, they too are being restricted by burnt traders seeing today as a chance to get out of the market and pay off their debts. Of 34 gold stocks on my watch list, 32 are off their highs for the day.
That tells me the market still has no confidence. It will take a week or so of no more bad news to see confidence come back into the market.
GBG is down too !! lol
IMHO if you do like a particular stock - buy at the close today.
Nice rise last night saw Ni brush USD$30,000 resistance aside...
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