This Land Is Your Land...

So let's look at what happened here. CENX ended the day below the $12.25 psychological level and below its 50% daily Fib level of $12.24.

There was a tonne of selling towards the final few minutes of trading with five figure ask blocks and prices had been ranging for most of the trading day. Two psychological levels - $12.25 and $12.50 - got rejected along with a technical level.

Glencore Traders, if you just faked me out, then that was a pretty good fakeout because it's looking slightly OTT at these levels. If we get back down near my most recent entry of $11.03, I might give this another go.

I decided to get SENSEXy with the guys who invented the Karma Sutures with a move into SLT. It just so happened that I ended up buying the day's 50% daily Fib level of $11.52. But SLT broke its 5 day high with volume that was heavier than its 10-day average and closed slightly above this level.

If I'm reading this correctly, then CENX prices are slightly weaker than SLT based on the fact that SLT is holding firm whilst CENX is showing exhaustion.

We'll find out tomorrow since Extended Hours Traders seem to be into CENX.

Later today: China Manufacturing PMI...

Later this week: UK + US Manufacturing PMI, US Non Farm Pay Day

Getting into next week, US data will be slightly lighter with Labour Day on Monday and US Non-manufacturing PMI, US Trade Balance, US Crude Oil Inventories, and US Unemployment Claims later in the week.

+0.28% SBA

+0.73% Roth IRA

+0.46% DJIA

+0.13% Nasdaq

+0.48% S&P

It's time for the Sultans of Mumbai to show us what they've got...