That’s right. The world no longer needs metal. We’re going to start making cars out of lightweight plastic. You know, to increase fuel efficiency and all that. Owning anything made of metal, in the future, will be outlawed.
Yesterday’s action took the bullish percent index on the non-ferrous metals sector to ZERO. No stocks are on buy signals. None. Nada.
It’s bad enough that the NYSE Bullish Percent Index hit 6% bullish yesterday, but ZERO PERCENT bullish for the non-ferrous metals sector? You must be joking.
This is an area that Costanza traders might want to mine (pun intended).
Could the metals stay this depressed for a while? Sure. But, there’s something called the law of averages that tells me that the current situation is an egregious anomaly, worthy of contrarian thinking.
Stocks to watch: Alcoa Inc. [[AA]] , BHP Billiton Limited (ADR) [[BHP]] , Century Aluminum Company [[CENX]] , Cameco Corporation (USA) [[CCJ]] , Freeport-McMoRan Copper & Gold Inc. [[FCX]] , Southern Copper Corporation (USA) [[PCU]] , [[RIO]] , Rio Tinto plc (ADR) [[RTP]] .
Disclaimer: Constanza traders only.
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