No, not the election, but in the copper market. After moving sideways for more than six months, Big Red final broke out of the range, rising above the $2.23 line, to close the week at $2.26. And if that weren’t enough, copper also rose 10 consecutive days, adding almost 18¢ to the price.
With first hurdle cleared, it’s now going to take a mighty hard push to get over the wall of resistance at $2.29. If copper is able to continue the advance, it will then have the potential to join other base metals in making new recent highs. That said, nickel is the lone holdout now as it struggles to get out of its own way.
On a less happier note, the S&P 500 fell for the 9th consecutive day on Friday, and broke a key support line along the way. What are the markets telling us? We will all find out in just a few days, eh.