Trump Tariffs Pump Copper

Trading Data Update July 8 2025

So Trump announces a 50% tariff on Copper imports, its almost as if he just pulls these things out of a hat, today its this, tomorrow its that. Then again, if its volatility that makes everyone money, then this makes sense. It seems that big pharma is next on his list as Trump indicated yesterday that he is looking into a very high rate, likely 200%. Anyway Sept. Copper futures exploded higher on the day up over 13%, the biggest gain in some 36 years. Here is the hourly chart, look at that hourly candle!

After yesterday’s pump, it wouldn’t surprise us to see a back trace toward $5.21 to reassert some sense of consolidation and support, but don’t get us wrong, shorting this is not advised.

In other news not really market related we continued to see Social Media sites pounding the Trump administration on the recent Epstein cover up and all we have to say is, this was always the inevitability. Why? Well lets let this scene from the movie, A Few Good Men (1992) sum it up for everyone! When you watch this clip, take in the dialogue and emotion, and realize this is exactly why some things just can’t be in the public domain, here is the clip of, You Can’t Handle The Truth

Ok that is all we will say about that, let’s move on to the markets, let’s look at the QQQ ETF where we continue to think it is traversing this re-entrance into this long term triangle:

This chart is still bullish from this angle, but what scares us is that 21/50 MA that is very close to crossing. We know many don’t remember but back in 2022 when we had this finally cross over the markets dropped some 30%.

Let’s now take a look at the U.S. Govt 5 Year, we know there are calls to cut interest rates, but until we get the 5 Year yield below 3.65% the bond market won’t start pricing in the Federal Reserve rate cuts:

Let’s take a look at the Dollar Index where we are seeing decent support and our first real resistance that needs to be overcome the 21pMA and the 98.25 area:

Ok lastly we want to take a look at JPMorgan, bank earnings come out next week and we will look at the July 18th options expiration. We like the $277.50/$267.50 put spread which is trading around $1.90. We like the risk reward ratio here, $1.90 to make $8.10. This is a 4.26x trade. The chart structure is set up for profit taking and its been sellers since hitting that $296 level:

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