GLNCY, Commodity Producer and Trader On the Move Higher

I remain long GLNCY (Glencore ADR) at 5.12 from Aug 18 for my Model Portfolio.

Below is what we discussed on Aug 18. The stock has performed very well since mid-Aug, and exhibits characteristics of a "Perfect Storm," which means that the company has improved its balance sheet, the commodity sector shows signs of reacting to rising inflation expectations, and lastly, the price structure has emerged from a year-long technical, basing pattern.

My next immediate target is in the vicinity of 6.00, but from a medium-term perspective, GLNCY points to 6.60-7.00, in route to 8.00 to satisfy the upside potential off of the base.  MJP 10/19/16

In my efforts to position and to diversify into the commodity complex to mirror the explosive upside potential of Oil and the industrial and precious metals in particular, I am taking a long position in Glencore-- a giant commodity trading and mining company. GLNCY has carved out a potentially explosive 12-month accumulation pattern that is poised for upside acceleration.

As long as GLNCY is trading north of $4.00, I want to be long this name.

Be advised, that Glencore reports first half 2016 earnings on August 24th before the opening bell. MJP 8/18/16

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