Seeking Alpha

InTheMoneyStock...'s  Instablog

InTheMoneyStocks.com
Send Message
InTheMoneyStocks.Com is a research and consulting company focused on mathematical proprietary techniques along with a key understanding of price, pattern and time. Through understanding geometry and other technical analysis methods, InTheMoneyStocks.Com prides itself on avoiding Wall Street hype... More
My company:
InTheMoneyStocks.com
My blog:
Pro Traders Rant and Rave Blog
  • Copper Could Be Telling A Different Tale 0 comments
    Mar 21, 2011 3:53 PM | about stocks: JJC, SCCO
     Copper has long been known as a leading economic barometer for the major stock indexes. Today copper is trading lower on the trading session despite the huge stock market rally in the major stock indexes. This afternoon the iPath Dow Jones UBS Copper ETN(NYSE:JJC) is trading lower by $1.07 to $56.78 a share. This is very unusual action in the industrial metal when the stock market indexes are sharply higher. Last night the Shanghai Index(China) was basically flat and that could be the cause of today's weak action in copper. If it is not then weak copper could mean that more stock market declines are coming again soon.

    Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is trading higher today by 0.49 cents to $52.27 a share. This stock is holding up well considering the weak action in the JJC. FCX stock will have intra-day support around the $51.90 area.

    Southern Copper Corp.(NYSE:SCCO) is another leading copper producer that is trading slightly higher today. The stock is trading higher by 0.30 cents to $40.18 a share. Southern Copper stock will have intra-day support around the $39.70 area should it pullback or decline. It is rare to see the leading copper stocks trade positive when the actual commodity is lower on the day.




    Nicholas Santiago
    InTheMoneyStocks.com


    Themes: copper Stocks: JJC, SCCO
Back To InTheMoneyStocks.com's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.