$Copper check out the chart.
3 of the 5 global miners have broken their respective downtrend lines. Sounds bullish!!!
Well, not so fast. Normally, the miners would move before the metal or at least start to outperform the metal. Here, Copper is testing April highs and very close to testing 2012 highs. But look at the miners. Only one is above the April level. Lots of them are a significant distance from the 2012 highs.
You'll notice the blue arrows in the chart. Copper had the shock rally earlier this year but stalled and rolled over near the $3.95 level. Guess where we sit today after a sudden surge. $3.77. Not too far away. So $3.95 is still an important line in the sand. I like the rising bases line on the chart. The slope is reasonable and $Copper is waiting for a catalyst to push off and break to the upside.
Check out the blog tomorrow where I tie Crude, Copper, Gold and the $TSX together. It might be one of my most important reads of the fall season. Enjoy the Equinox........
Greg Schnell, CMT