Everything is AWESOME!
Europe's markets are up 2.5-3% and our Futures are already up over 1.5% because… well just because so LET'S PARTY like it's 1999 – or that part of 2008 when we thought a small bounce was a sign to jump right back in about 50% from the actual bottom – AWESOME!!!
Just check out the awesome move the S&P is making, right back to test the 1,890 line. Unfortunately, 1,890 just so happens to be the line we predicted we'd bottom at 2 WEEKS AGO (see 1/11's "Meaningless Monday Market Movement") along with 16,200 on the Dow, 9,350 on the NYSE and 1,000 on the Russell. In fact, we're still DOOMED if the Russell can't get back over 1,050 next week. I didn't have a Nasdaq target but we said AAPL would bottom at $96 and it tested $96 yesterday but finished at $96.30 – so I'm going to count that one!
I already sent out a Morning Alert to our Members discussing all the charts and levels and news and stuff, so I won't get back into it here. I also tweeted it out so you can read it for free and get a glimpse into the kind of nonsense we get paid for. In that note, you'll see the following trade idea for our Members:
Still a chance to play copper (HG) on cross over the $2 line.
Someone Is Trying To Corner The Copper Market. One company whose identity is unknown, is "hoarding as much as half the copper available in warehouses tracked by the London Metal Exchange."