Cotton and Copper Start the Morning Higher

This morning two of the leading commodities are starting the morning higher. Copper is making a new high for the year this morning as the March 2011 contract hits $4.63 a pound. The popular iPath Dow Jones-UBS Copper Subindex Total Return ETN (NYSE:JJC) is starting the morning higher by 0.39 cents to $61.43 a share. The JJC will some minor intra-day resistance around the $61.50 level. The next important intra-day resistance level for JJC will be around the $61.95 level. In any case copper remains strong and many investors and traders will look at copper as a leading stock market indicator.

March cotton is trading higher this morning by $4.75 to $172.59. The iPath Dow Jones-UBS Cotton Subindex Total Return ETN (NYSE:BAL) is surging higher by $3.63 to $87.68 a share. The BAL is still trading just below it’s 52 week high which was $91.05 made on February 3, 2011. The BAL will have some intra-day resistance around the $88.00 and $89.00 levels.

The moves higher in the commodity sector this morning are taking place despite a stronger U.S. Dollar Index. Usually when the U.S. Dollar Index rallies or even trades higher it will deflate most commodity prices, however, that has not occurred.

About Nicholas Santiago 576 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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