Business is good at Rio Tinto
Shares of Rio Tinto
(RTP) are slightly higher this morning after the mining giant reported strong production figures for the last quarter.
Iron ore production surged nearly 50% compared to the fourth quarter of 2008 as global iron ore sales hit a new quarterly record.
In a press release today, Chief Executive Tom Albanese said the company continues to see a recovery across most of its key commodities driven by continuing demand from China, but it's being cautious for the new year as stimulus packages wind down. From the Bull Pen
: Bulls can look to another mining giant, Agnico Eagle Mines
(AEM). On the charts, a pullback to the 20-DMA ($55.81) could be seen as a bullish backtest. A sell stop can be set below that level. From the Bear Cave
: Even the bulls are eyeing the recent underperformance of China and the series of lower highs on the China 25 ETF
(FXI). If that trend continues, then a downside play might exist in the S&P 500 depository ETF
(SPY). The $115 level might prove to be too tough of resistance.
For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter
. A Quick Check Around the World
Asian trading closed with the Nikkei
0.43%, Hang Seng
1.35%, and Taiwan
Across the pond, we see the FTSE
As of 8:10 AM EST, S&P Futures
are trading +1.75 to 1143.25. Nasdaq futures
are -0.250 to 1882.50. A Look at Commodities
Over in commodities, crude oil
is +0.37 to 80.02 while gold
is +0.500 to 1137.30 this morning. Silver
is -0.015 to 18.535 and copper
+0.0180 to 3.4180.
The dollar Index
is +0.1350 to 77.1250. On the Radar
08:30 Initial Claims
08:30 Continuing Claims
08:30 Retail Sales 0.4% cons.
08:30 Retail Sales ex-auto 0.3% cons.
08:30 Export Prices ex-ag
08:30 Import Prices ex-oil
10:00 Business Inventories Click here
for the full trading radar.
Good luck and have a great day!
No positions in stocks mentioned.
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