Copper is often viewed as a global macro indicator. Freeport McMoran is the largest Copper producer in the world and its sure had is pricing challenges of late, as it is down over 30% from its 2011 highs.  Of late it hit a rising support line that happened to be the bottom of a bullish falling wedge, at its 23% Fib support level.

FCX is breaking from this falling wedge in the last two days at (2).  A two day breakout does not prove a new trend is at hand, yet it could well be good news for this hard hit stock and it could be sending a macro message along with it. 

Keep a close eye on FCX to see “IF IT CAN PUSH HIGHER” and if it can pull IYM along with it.   This stock has been a darling when it comes to “relative weakness!”  Lets see if anything changes at this unique price point.

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