Keybot the Quant remains long and another day passes with the algo not printing any numbers during trading hours, but, that does not mean the day was without drama. If you were watching the JJC 48.90 level of interest identified by the quant, today provided a low at 49.16, only 26 cents away form causing market mayhem but, alas, the bulls intervened and pushed copper higher to live another day. JJC closed at 49.23. The algo continues to monitor the copper sector and the same 48.90 level is in play for tomorrow. Copper appears the most likely trigger to flip Keybot short at this time so watch JJC closely.
CRB 312.50 and UTIL 447 also remain levels of interest that the quant is currently scanning. For the SPX on Thursday, starting at 1403, the market bulls need to push up above 1407.75, if so, the broad markets will accelerate upwards for another leg higher. The market bears need to push the SPX under 1400.75, if so, the broad markets will accelerate downwards, so the bears have a little more of an edge and will be looking for three red spoo points in the overnight futures.
Even though Keybot is long, and has been since mid-December sans two quickie one-day whipsaws, the quant is not giving the markets an all clear. The caution flag continues to wave for these markets. The broad indexes remain unstable. If JJC falls under 48.90 and the SPX loses the 1400.75 level, it is highly likely that Keybot would flip short. If you see a stronger dollar, copper should be weaker.
3/25/12; 7:00 PM EST =
3/20/12; 9:00 AM EST = +76; signal line is +68
3/18/12; 7:00 PM EST = +76; signal line is +67
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