Cyprus Is Immaterial and Dr. Copper Is Still Unhappy

For context of today's post, please review this recent short post on copper.

Today we offer updated charts, which can be clicked for larger views.

First the daily, in which we see the continuing breakdown we'd expected is occurring (below thicker red ascending trend line) and there may be support near current levels for a bounce (lower black horizontal line):

 

Now the weekly view.  Once "Doctor Copper" breaks below the longer-term uptrend, there'll be one more serious problem for market bulls:

You may have heard that today's selling was due to Cyprus banking & bailout concerns.  (No link provided - if you're unaware of it consider yourself lucky since nothing has been determined or resolved yet, and the speculation and misinformation often borders on the ridiculous.)

The selling seems totally unrelated to Cyprus, or in other words the problems there are a non-issue (at least so far) to global markets including gold and silver.  Trading action and ranges were totally consistent with what would've seemed reasonable without the Cyprus scare and, considering the extremely overextended nature of recent market rallies worldwide, Monday was not only a light day for trading volume but also a very light day for selling.

European events continue, as they have for years, to be of no apparent concern to investors and if as is often the case a "surprise" so-called "solution" is offered by those that created the mess in the first place, we shouldn't be surprised to see markets once again at new all-time highs in the coming days.  Irony abounds, and what "should" happen is seldom what does happen. 

We remain bearish and short in any case.

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