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Copper:SPY ratio pointing lower?

|Includes:iPath DJ-UBS Copper Total Return Sub-Index ETN (JJC), SPY

 Copper (using JJC as its proxy) has recently broken to the upside.  So I did a little investigation into how useful Copper has been in forecasting moves in the market (using SPY as my proxy).  Very simple I compared a Copper-to-SPY chart to SPY over the last five year.  I'm calling the white line The Ratio.  It is JJC divided by SPY.  The blue line is SPY.  It seems that on a variety of occasions The Ratio did successfully point to a change in trend:


I probably should have spent the extra 20 minutes to build something decent looking and easily comprehensible in Photoshop.  But I'm not.  And no one reads what I write anyway.  I will build a better looking version upon request.


Stocks: JJC, SPY