The stocks of the diversified miners have been beaten as we have discussed.
I like the look of the Shanghai market starting to build a nice uptrend since January 2012.
The seasonality for materials kicks in for July. Are you ready?
The Chinese market has been downtrending since July 2009. I am starting to embrace the price action of the Shanghai composite and we should see that translate into the materials stocks once again. In this volatile climate stops should be relatively tight!
Greg Schnell, CMT