The copper miners, that is. COPX is a member of the model portfolio (and before that, one of my other portfolios), as Captain Obvious thinks it’s a, well, rather obvious inflation trade that has been consolidating since May. For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed market updates and NFTRH+ … Continue reading The miners are breaking upward…
Per yesterday’s Trade Log, Copper Miners ETF COPX was added. Here is the technical rationale, which is getting some follow-through today. COPX had been working on resistance at the SMA 200 and yesterday it took that out in an initial move. It is important that today (and beyond) follows through to avoid another in a long line of whipsaws. So far, so good. Copper and … Continue reading NFTRH+; Copper miners
As the copper price firms at its daily SMA 200 the Copper Miner ETF is still bearish Copper price proxy CPER is bouncing at the SMA 200 (as is the metal). But the miners are as yet having none of it. This Head & Shoulders pattern featured ramping volume into the Head and all the substantial volume since has been distribution. Not good. CPER is … Continue reading Copper miners not (yet) buying Copper’s bounce
In yesterday’s Trade Log I noted a gut feel that the pullback/corrections in the reflation trades may be ending. Exhibit A: The Copper Miners ETF, COPX. I see this bullish pattern playing out across several copper stocks. RSI and MACD were reset from overbought and now the objective is a new high. Continue reading NFTRH+; Correction is Ending in This ‘Reflation Trade’
Much like the Industrial Metals in general, the copper miners (COPX) are in a post-2015 uptrend. That uptrend can break at any time but the trend being the trend, if you are a copper or industrial metals (or inflationary economy) bull, I thought I’d present this view of COPX in a Symmetrical Triangle. It can be used 2 ways. For someone holding due to the … Continue reading NFTRH+; Copper Miners
A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…
GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180. Over sold, prone to bounce but technically bearish below 120 and 123.