Monday, November 25, 2013

It's Probably Nothing: Major Copper Producer Tracing Out Head-and-Shoulders Stock Pattern

As go the equities, so goes the product.
As goes the product, so goes the economy.
Or something.

The last two times we  posted on head-and-shoulders formations, Tesla at $164.50 Oct. 23 (currently $120.77) and gold at $1271.20 on Nov. 12, (current $1249.90) it seemed to work out (although the more profitable gold short was in the miners). Let's see if this one works as well. SCCO $25.30 down 37 cents.
Southern Copper was in the top 10 miners a couple years ago although I don't see them on the current list.

From Slope of Hope:

Coppers and Robbers
By -
Copper has been weak lately (which is data point #1,389 that the real economy is toast, in spite of the Big Round Number highs on stock indexes). One short in particular I’d suggest looking at is Southern Copper, shown below.