Happy Jobs! Doctor Copper Unproven

Today another jobs report that was already in the bag on the inevitable economic bounce-back from deplorably bad readings has stimulated casino patrons finding it all too easy to be bullish now (as opposed to March-April when buying was actually warranted). You can click the headline to get the detailed report from BLS:

payrolls report

Meanwhile, the copper price is at the next resistance level of 2.75. Whee! It’s a strong US jobs report and the good Doctor is above the 200 day moving average. All good, eh?

copper price

Well yes, for today. But, this…

copper price

When 2.90 gets taken out and the lower high is no longer applicable, then we can make happy talk. Until then I think that reflationary macro bull party animals are being hasty. We have other positive signals in play but taking the copper price in a vacuum the picture is not resolved yet.

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