Put this in the category of it ain't over until it is over.

See figure 1 a weekly chart of a continuous futures contract of copper. Copper probed above the key pivot (resistance area) at 4.1263, but failure to close above this level suggests continued risk to the global economy. As I stated on August 14, 2011: "Dr. Copper, that metal with a Ph. D. in economics, isn't looking so hot. In fact, it is at a reasonable risk of breaking down thus highlighting the current risks in the global economy."

Figure 1. Copper/ weekly

With prices likely to close the week below this key pivot, those risks still remain. So watch that pivot!