Today’s price action was had on lower volume. This is typically a sign of lack of follow through. The Put/Call ratio closed at 0.79, readings below 0.6 are seen as very bullish, reason being everyone is short and there are no more sellers.
In other news, oil cracked $86 per barrel and gold & copper continues to rise. Keep an eye on Freeport-Mcmoran (FCX).
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