Market watchers, economists and even humble technical analysts have been watching the price of copper for years. It is an economically sensitive commodity that is used across many industries. Many market players use the direction of copper prices as a sort of shorthand for the U.S. economy. (It may be used like this in other economies but frankly I have not discussed it with friends across the pond.)
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Shares have rebounded smartly to challenge the declining 50-day moving average line.
The detrended Rydex ratio remains very bullish.
When I scan the restaurant space, I remain perplexed, wondering not only when they might be able to reopen, but also how quickly consumers will come back, and to what degree?
This is still a very difficult market for individual stock picking as the action is strongly correlated.