Industrials and materials pushed Wall Street lower. Treasury yields dipped and the dollar declined after weaker than expected factory data stoked concerns of a gradual rate hike. Oil fell on doubts over output freeze to counter supply glut and gold dropped. The massive short squeeze in copper, zinc, nickel and lead is over.
Copper touches a four week low before rebounding. Now copper prices have fallen for seven straight days. As a full disclosure, Randholm has a short position in copper. Eurozone unemployment fell to 10.3%, the lowest level since 2011. Unemployment in Germany is unchanged at 4.3%.