Dr. Copper was just clubbed like a baby seal as someone got a $300 million tap on the shoulder, reminding them that the metal with the economics PhD is forecasting trouble ahead…
Between 8:42 to 8:45 a.m. in New York, almost 5,000 contracts were traded, each covering 25,000 pounds of the red metal. That was 16 times the 100-day average for that time of day, a spike in volume that extended the metal’s losses on the Comex.
As Bloomberg points out, that is over $300 million notional value of Copper dumped in just three minutes and follows August’s collapse – the worst month for the forecasting commodity in over two years.
If Copper is right, DoubleLine’s Jeff Gundlach’s favorite bond indicator suggests 10Y Yields have a long way to fall to ‘growth’ expectations…
So is Dr.Copper right? And US Stocks wrong?
via RSS https://ift.tt/2CLx5wo Tyler Durden