WIRE - GlobalX Copper Miners ETF

[Sean K]

I've been reading lots of doom and gloom about the US market and how overvalued it is. Doom and gloomers calling for a 1929 like crash. And not without justification when you compare a lot of the issues in the markets and economy.

As Dr Copper is a bellwether for the economy, and this is supposed to be full of copper stocks, something else is going on. Looks like punters think this is going up after breaking through that resistance zone. RSI not overbought yet, but moving towards it. So, a bit vexed.

 

[Sean K]

I had this blue line as old resistance / new support expecting it to be tested, but WIRE has just ran away.

Thanks to Freeport, copper bolted overnight and this gapped up. Sort of surprised because I think Freeport is one of the biggest holdings in this copper stock basket. I assume all the other copper players well overcompensated for it tanking.