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One day a trend does not make! Yesterday some technical support breaks took place that I will address in an upcoming post. Key chart patterns are in place in the above two charts, in that Copper could get tripped up at these lofty levels. The up coming price action of these two should tell us much about future trends and positions investors will want to take.
Game Plan…Will look to score on defense via the inverse basic materials ETF (SMN) on a breakdown. Took positions to score on defense yesterday in the stock market via buying VXX, which was up over 5% yesterday (see post here) and buying the inverse Russell ETF RWM (see post here).