Dow: +8.84…
Nasdaq: +24.38… S&P: +0.65…
Copper, steel, and various metal and mining stocks have been in decline since they topped out back in the Jan. & Feb. time frame. Have they bottomed and are they ready to turn higher again? That’s the question. If so, there will be gobs of money to make. I mention this because these groups had good days today off their respective bottoms.
Steel and Iron +2.7%
Copper +2.6%
Metals & Minerals +1.8%
Note that XME (metals & mining) had a really good day +3.3%. Remember that if the worm has turned on this secror….it can get as hot as biotech.
I’m not sure if today is just a “one-off”. We have seen head fakes in the past, but it bears close monitoring going forward.
Energy (XLE) continues to act like a drunk walking in traffic. It’s right on huge support going back to last year, so if it breaks these levels look out below.
Beneficiaries of a reversal in these sectors include names like CLF, BHP, VALE, RIO, X and others.
See you in the morning.