Chart and article excerpts courtesy of Investors Business Daily
Copper, the so-called red metal with a Ph.D. in economics is used to gauge global activity because it's found in all facets of everyday life, from consumer electronics to building infrastructure. Like most commodities, copper has fallen amid the dollar's newfound strength the past month, owing to safe-haven buying spurred by the European debt crisis.
Tom McClellan, editor of the McClellan Market Report, wrote in his Sept. 16 newsletter that "copper's failure to rally along with the stock market suggests the market will likely give back its gains."
"The global economy is still quite weak, particularly here in the U.S.," said Bill Strazzullo, a partner and chief market strategist at Bell Curve Trading. "We believe you will see the S&P 500 trading around 1000 to 950 and the Dow at 9400 to 9000."
Read the entire Investor Business Daily report here...
Copper ETFs Hit New Low, A Bad Omen For Stocks
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