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June 19, 2009 / Jeb

Trading the Copper Index ETF (JJC)

jjc 6-19

This appears to be a normal healthy pullback for copper.  Copper is an indicator of how the global economy is doing.  Right now it is correcting to the 20 day moving average where it is finding support.  The previous breakout area is also support.  I would not be surprised if  it corrects to the trendline or 50 day moving average as well.

This should be good for Taseko which is not only a copper producer but has one of the largest undeveloped gold-copper mines in North America.  Taseko gives you leverage to copper, gold and molybdenum.

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2 Comments

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  1. Tuni Singh / Jun 19 2009 10:32 am

    GMO hit and bounced up off its 50 day MA on June 17th and this morning hit its 200 day MA and backed down from it-volume is light. Should I wait and see whether it breaks the 200day on big volume before I decide to get into the trade long?

  2. Anticipate Opportunities / Jun 19 2009 1:39 pm

    What chart are you looking at 6 monyhs or 1 year weekly or daily?

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