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Speaking of Dogs, Copper comes to mind over the past two years as Copper has lost 25% of its value. The decline of late has few people liking Copper as bullish sentiment has plunged. (see inset chart).
I believe Copper is a quality barometer for the global economy, especially the Emerging markets/China story. Copper is on a three-year support line that needs to hold! With Copper on support and sentiment so low, a short-term rally should not be a surprise!
In the bigger picture, even though sentiment levels are depressed, investors must be open minded to the message for Copper should support give way at (1)!
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Copper and Crude Oil, two decent indicators for global growth or lack of, are both on multi-year support lines at the same time. Don’t take your eyes off these two because the move they make over the next few weeks could tell us a ton about the worlds economic status!
If you are bullish/long the S&P 500 or broad markets, you want Copper and Crude oil to hold right now!
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(apa)..main oil company… has broken support…. my call oil goes lower