Copper ETF (JJC) signaled softness was ahead back in 2008, as it broke down from a series of highs along line (1).  Railroads lagged, yet confirmed broad market weakness was going to take place. Turning the page forward 3 years, Copper (JJC) created a series of lower highs along line (2). Rails lagged Copper again, then played a gain of catch-up to the downside.

JJC this morning finds itself on a very small shelf of supportA breakdown in JJC would be suggesting further softness in the Rails, BROAD MARKET, FCX and Silver (SLV).  As usual, keep a close eye on the price action of Copper/JJC for bigger macro messages.

Two weeks ago the “Power of the Pattern” was suggesting that FCX and IYM were hitting a key hurdle of resistance (see hurdle post here)  At that time FCX was trading at $46.73 per share, this morning it is in the $41 range.  The pattern at hand was suggesting the counter trend should be about to end.  I remain of the belief that FCX, JJC and IYM are worth watching for Macro/Bigger picture messages.

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past