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The worlds leading copper producer has underperformed the S&P 500 by more than 40% in the past year and is breaking key support levels at (2). Not only has FCX underperformed against the S&P 500, so has Basic Materials ETF (IYM).
I shared the chart below with Premium members on 1/31 and shared it on the blog on 2/10….As the Power of the Pattern reflected that in can “Pay To Be Picky” in the chart below, which reflected that both FCX and IYM were up against resistance that should turn then to the down side back on 2/10 (see Picky post here)
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FCX has declined 19% since the above chart was shared with Members on 1/31! In the past, a lack of upside follow thru by the Basic Materials/Copper complex, was a sign the economy lacked strength, going forward. Will it be different this time around?
Dr Copper will wake up Mr S&P 500 soon and announce the Economy is sick and B S Bernanke’s liquidity medicine is bad VooDoo