Doc Copper Looking Bearish, Global Slowdown Ahead?
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While the Nikkei (now down 20% in a few weeks) and the Yen (carry trade starting to unwind) seem to be front and center in the media, an equally important leading indicator looks to be creating a bearish pattern that suggests lower prices are ahead and a possible global slowdown is right around the corner.
Copper has formed a "Bearish Descending Triangle" of late!
If you don't think Ascending/Descending triangles are important, think again! Silver has rallied between 31% and 148% on bullish ascending triangles and fell sharply of late when support broke on a descending triangle in the chart below (see triangle post here).
While many are focused on the ripple effects from the Nikkei decline of late (e.g., extreme moves in currencies and wondering if the will Fed cut back on its easy money policies), don't overlook the importance of the message that could come from Copper in the weeks and months ahead!
Metals Members recently bought Copper on support and sold it 5 weeks later for a gain of 4%+ in 5 weeks, when it hit resistance. If your portfolio construction would benefit by staying on top of Doc Copper's twists and turns and macro messages it sends and how it impacts your stock and bond portfolio construction, I would be honored to have you as a members of our Metals research report.
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