Wednesday August 28, 2013 08:24The

Wednesday August 28, 2013 08:24

The market continues to find new buying. Although Syria is having some impact, unless the Russians or Chinese become actively involved - so far not a peep from the two - I suspect surgical missile strikes may not be enough of a catalyst to push prices higher other than a possible initial pop. It will however continue to broil Middle East tension, which will create a floor for the metals. The primary driver, in my view, continues to be the now more main stream view that the Fed will not taper anytime soon. With equity markets suffering, housing slowing and the folks in Washington again threatening a massive debate and brinksmanship on the debt ceiling issue, momentum, technicals and fundamentals remain constructive for the metal complex. For now, I would leave my stop at $1,397, which gives the market room for adjustment in a still very thin market. A break above the $1,424 on a close basis would suggest raising stops to $1,422.