The wiseguys would like to take the equity markets up a little higher in order to short them. The problem they are facing is that most of the non-professionals are sitting this action out.
The metals markets are meaningless in the short term, given the corruption in the trade that pushes prices around the plate without any respect to genuine price discovery.
Today’s ‘rally’ after Wednesday’s ‘decline’ is a perfect example of the action in these markets that is more phony than prescient.
Don’t feed the sharks.