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When it comes to leading indicators, Basic Materials (IYM) and Copper (FCX) have been pretty spot on for the past year. Both have been reflecting relative weakness compared to the key broad market index’s, suggesting a global contraction was in the cards, months ago.
Now these leading indicators are on support that needs to hold, other wise they will be suggesting a further contraction. Seek asset protection if FCX and IYM can’t hold at this support!