Typically, copper is known to have a PhD in Economics because it is used to actually “build” stuff. As the global economy develops/matures -economic growth has shifted from building “stuff” to building “ideas.” In the new information/idea age (where most economic activity is based on exchanging information/ideas, not tangible goods) – copper is no longer as important to the global economy as it was it was during the industrial age. Don’t take my word for it- just look at the charts. For years, copper has been going virtually “no-where” or steadily falling even as the major US averages have soared to record highs.

As always, I’ll let the market decide. Until I see heavy distribution (institutional selling) in the major averages. I continue to give the market the bullish benefit of the doubt.