This morning, the major stock indexes are soaring higher. The rally looks to be broad based as almost every stock on my screen is in the green. Most sectors are trading higher including technology, retail, energy, and mining. While everything looks really strong today there are some holes or pockets of weakness in this rally.
All of the major copper stocks are declining sharply lower today with most other leading commodities. The iPath Dow Jones-UBS Copper Subindex Total Return ETN(NYSE:JJC) tracks copper and is declining lower this afternoon by 0.82 cents to $59.01 a share. Often traders and investors will follow copper as a leading indicator for economic growth and expansion.
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Southern Copper Corp.(NYSE:SCCO) is declining lower this morning by 0.41 cents to $39.83 a share. This leading copper producer is trading lower on the session while copper the commodity is trading higher. Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is also trading higher on the session by 0.70 cents to $56.95 a share. Therefore, the weakness looks to be specifically in Southern Copper stock.
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This morning the S&P 500 e-mini futures(ES M1) are soaring higher by 12.50 points to 1281.50 per contract. The rally in the futures comes as the Japanese Nikkei 225 Index rose by 2.72 percent last night. The strength of the Japanese Yen has also pulled back sharply as the G7 said they will intervene to devalue the Japanese Yen.
Many traders and investors consider copper to be a leading indicator for the stock market. The legendary trader, Jesse Livermore, used to say that a strong copper market was a sign of a strong stock market. When copper declined sharply it was a sign a weak stock market ahead. Today, many of the leading copper stocks are trading sharply lower.
This morning the personal income and spending numbers were released. The income and spending numbers were just a slight bit better than economists had expected. The S&P 500 Index e-mini futures(ES H1) were already trading higher this morning by 6.50 points to 1325.25 on a the back of a pullback in oil. Right now the stock market only seems to care about crude oil reaching $100.00 a barrel.