Have Copper and Aluminum Hit Bottom?
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Good Tuesday afternoon, one and all. We hope everyone had a nice, relaxing long weekend, and if you didn't, today's bullishness certainly made it much easier to start what will be a shortened trading week.
That's not to say the bulls are going to continuing charging, of course. After all, we've seen days like this before - recently - to no avail. The only thing today really proved was that the indices are content just to bounce around in a sideways trading range. Thing is, we still contend stocks need to make at least one more low below their August 25th bottom to completely clean things up and burn off all the froth that's been building up since, well, really since 2013.
We'll slice and dice it as we always do, but first, I want to take a couple of minutes to look at two commodity charts we don't normally look at. Though traders have had good reason to lump all commodities into the same pile of late, I think we're starting to finally see a divergence in how and why each of the major commodity groups are moving. Better still, I think there's an opportunity in the differences.