The GDX/COPX ratio has broken above the 50 & 200 day moving averages and is still going.

Over the last four months, the prices of Copper metal have fallen drastically, albeit with episodes of spikes and declines, which again underpins the current volatility in the commodity markets.

Copper is a tough one. If copper hangs in and hints at an ‘inflation trade’ (i.e. anti-USD) bounce to come, I’d like to buy COPX or FCX. The charts are coming along nicely. COPX was NFTRH+’d recently for just such an occasion.

We are bullish on crude oil although all the gains we had (plus 7% worth) were given back last week. Dr. Copper is constructive, It is at the upper end of prolonged trading range.