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Southern Copper Corp.(NYSE:SCCO) is a leading copper producer that has declined sharply ever since the inflation in Asia began to increase sharply. The stock topped out on January 1st, 2011 at $50.35 a share. Today Southern Copper stock is trading lower by $1.56 to $43.09 a share. This is a 14.0 percent decline in less than a month's time. The stock will have some daily chart support around the $42.00 level.
Cliffs Natural Resources Inc.(NYSE:CLF) is one of the leading iron ore pellet producers in the world. The stock had been holding up surprisingly well until last week when it staged a sharp reversal on January 19th, 2011. On that day the stock made a new high for the year at $91.41 a share. This morning Cliffs Natural Resources stock is trading lower by $2.54 to $80.42 a share. That is an 11.0 percent decline in just five trading sessions. Cliff Natural Resources stock will have daily chart support around the $78.00 level and more around the $76.50 area.
Other leading commodity stocks that are trading lower today are Silver Wheaton Corp.(NYSE:SLW), Freeport McMoRan Copper & Gold Inc.(NYSE:FCX), and Randgold Resources Ltd.(NASDAQ:GOLD). The catalyst for the decline in the commodity complex is due to the tighter money supply that is taking place in the Asian region. As long as Asian central banks continue to raise interest rates most commodity stocks should remain under pressure.
As discussed above, some gold stocks are hammering into major support on the daily charts. Not the charts of Yamana Gold Inc. (NYSE:AUY) and Barrick Gold Corporation (NYSE:ABX). Both have fallen dramatically in recent weeks but now sit on the 200 moving averages. In addition, the fact that gold now sits on solid support, things seem to be in order for a bounce. The GLD has major support at the $129.00 level, hit today.
Gold is a tricky commodity to figure out. It relies on two major factors for its pricing. The first is the easy one, the U.S. Dollar. When the Dollar moves up, gold usually drops. The second factor is bearish sentiment. When investors and traders get extremely bearish on the markets, money runs into gold for safety. This recent drop has been headed by market optimism, rather than a move higher in the U.S Dollar. To gain more insight, market analysis, swing trades and education, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
http://www2.macleans.ca/2011/01/24/the-stock-market-is-for-suckers/
Every day millions of shares of stocks and mutual funds are traded on the national exchanges. The system is premised on an equal playing field. Buyers and sellers are supposed to have access to the same information in order to make decisions about whether to buy or sell.
http://www.huffingtonpost.com/dan-solin/the-illusion-of-skill-wit_b_786386.html
