Copper Miners ETF Breaks Out; It’s as Good as it Gets Out There

I am already long two of its top 3 holdings (First Quantum & Teck) along with RIO. But the Global X Copper Miners ETF is the latest in the bull move sweepstakes.

copx

It all began when I was poo pooing Copper as just retracing to resistance (now support) using this chart. The thing is, the unexpected (by me) break through resistance created a pattern that measures to at least 3.70.

copper

Then there was the greater Industrial Metals complex, with a bull pattern of its own.

gyx

And well, it makes sense that in a time of global growth these metals and materials are getting bulled while the Amigos ride. What do you think the chances are that when Amigo 1 (stocks vs. gold), Amigo 2 (L/T interest rates) and Amigo 3 (yield curve) reach their destinations the charts above will be finishing up as well? I think the chances are pretty good.

Of course with these big picture macro themes “when” comes with a tolerance measured in +/- months. It’s going to be pretty slushy stuff, timing-wise. Which is why I want to be following as many viable indicators as possible, including the sentiment backdrop that is going into full frontal titillation mode. By way of Dana Lyons, AAII is doing what I’d wished for it to do in order to put in a marker for the bull’s end. Easy now, sentiment is not a timer, it is a condition. But it’s on its way…

aaii

And another marker…

rydex

Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.