1. The iShares 20+ Year Treasury Bond ETF (TLT) closed Tuesday's auction beneath its 50-day simple moving average (SMA) for the first time since mid-July. Anyone currently long from last week's test of the 50-day SMA will want to have an exit plan in mind, should the stock close beneath $120.50.
2. Copper futures surged during Tuesday's session, and that's prompted me to looking at Freeport-McMoRan (FCX). My thought on FCX is very simple. I like it long above Tuesday's $10.58 intraday high, using the most recent $9.50 swing low as my protective stop loss point.
3. An additional idea for those interested in FCX would be Southern Copper Corp (SCCO). The stock closed Tuesday's session above its 50-day SMA, and a multi-week down trendline dating back to late June. To be clear, SCCO has oodles of resistance between Tuesday's $27.74 closing price and the early-May $33.31 swing high. Nonetheless, if you're interested in copper, take a look at SCCO near current levels, with a close beneath the eight-day and 21-day exponential moving averages (EMA) as your protective stop.
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