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Copper has been awfully sneaky over the past few months. After its recent plunge, though, it became obvious that equities were going nowhere (at best), until Dr. Copper firmed up. Yesterday, copper miners FCX and SCCO both printed candles that potentially signaled looming bullish upside reversals. As always with individual Japanese candlesticks, though, confirmation is necessary. Today, as equities flop around with a bullish bias, both FCX and SCCO are putting in very strong sessions.
At the very least, the action in copper is telling bears to seriously back off for the time being.
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You have achieved the status of “Image Connoisseur First Class”…
LoL Thanks, Scott.