Setting aside the fact we haven't seen a meaningful price correction in Freeport-McMoRan (FCX) since mid-March, copper futures are on the cusp of breaking higher. You would assume that would benefit shares of FCX. A daily close on front-month copper futures above 2.3 would be very bullish, but those taking a higher timeframe approach may want to try and wait for a weekly close above that figure.
U.S. Steel (X) had a nice day Monday, but fellow steel stock AK Steel (AKS) failed to garner the same bullish attention. For those that emailed regarding the recent weakness in AKS, I'd consider using $4 to $4.10 as my line in the sand. As long as price continues to hold above that area, the stock looks fine.
A number of subscribers have emailed regarding the double bottom near $14 in shares of Twitter (TWTR), but aside from day timeframe scalping, I can't see paying much attention to the stock. The stock is, in a word, garbage.
Light crude oil futures have pulled back from their recent test of the 200-day simple moving average (SMA), but before you get too bearish on the commodity, keep in mind price is still close above the 8-day and 21-day exponential moving averages. I am among those stalking the oil market (and oil stocks) for a short, but I'm doing so with the full understanding that short and intermediate timeframe bulls remain in control.
Any trading or volume profile related questions can be posted in the comments section below, emailed to me at email@example.com or posted to my twitter feed @ByrneRWS.