Shared on 10/21 that we should keep a close eye on Basic Materials/Copper, since the broad markets need them if they are to push much higher. (see post here) Below is an update to the price action of IYM and JJC of late.
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The rally of late did not break above the neckline of the “Head & Shoulders” topping pattern! (see post here) All it did was “kiss the underside” of this key resistance…Was it the Kiss Good-Buy???
Yesterday I shared (see post here) that the people on CNBC were very excited/Bullish at the underside of the neckline, just the opposite of how they were at the bottom of the trading range. (watch this video when you get a chance!) Do the opposite of the attitudes on CNBC? Racecar??? Yes!!!
Per IYM against resistance…if you are an aggressive investor, ideal spot to pick up SMN!