Yesterday I commented on what looked like an addition to China's stimulus package. Well, today the Red Dragon decided to backpedal:
.
Copper wasn't the only thing dropping. U.S. markets were down big time today, so anyone who started investing in 1997 is almost back to where they started (although they're still a little ahead if they were smart enough to reinvest their dividends). China's tease about its stimulus plans has little to do with the extraordinary weakness in the U.S. economy.
I hold firm to my belief that China is a better long-term bet than the U.S. The next decade should prove me right.
Nota bene: Anthony J. Alfidi is long FXI (with covered calls) and short uncovered calls on SPY.
Copper futures fell for the first time in three days after Chinese Premier Wen Jiabao indicated the government doesn’t need to increase stimulus spending to achieve its target for economic growth.
.
Copper wasn't the only thing dropping. U.S. markets were down big time today, so anyone who started investing in 1997 is almost back to where they started (although they're still a little ahead if they were smart enough to reinvest their dividends). China's tease about its stimulus plans has little to do with the extraordinary weakness in the U.S. economy.
I hold firm to my belief that China is a better long-term bet than the U.S. The next decade should prove me right.
Nota bene: Anthony J. Alfidi is long FXI (with covered calls) and short uncovered calls on SPY.