Dr. Copper Is Accepting New Patients

(JJC) is the symbol for the iPath Bloomberg Copper Subindex Total Return ETN, a real mouthful. Copper prices are often used as an "up to the minute" short-hand for the health of the economy. Like many short-hands or "rules of thumb," they are observations that have worked enough in the past for traders become reliant them.

In this updated daily chart of JJC, below, we can see that prices had a strong rally from October to February before a three-month correction unfolded. After a test of the rising 200-day moving average line in May, JJC has worked higher, crossing above the now rising 50-day moving average line. Volume has seen some short-term spikes but the On-Balance-Volume (OBV) line did not bottom until June. The Moving Average Convergence Divergence (MACD) oscillator turned above the zero line last month for an outright go long signal....145 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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