On Monday I shared that it looked like “Doc Copper wasn’t feeling very well!” (see post here). Below is an update on JJC and Basic materials ETF (IYM). Support is still in place, yet both look vulnerable to a sizeable decline should support give way!
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Game Plan….We own the inverse basic materials ETF (SMN) due to the weakness in Copper and IYM. Both of the ETF in the above chart are setting on very short-term support. Should support give way, the patterns suggest a sizeable decline should take place!