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Morning Insights: November 13, 2020

By:

CMT

Rising COVID Cases Offset Vaccine Optimism in the Near-Term

  • COVID Cases Continue to Rise, Tempering Vaccine Optimism
  • Copper to Gold Ratio Paints a Better Economic Picture…
  • …Growth vs Value Searches For Direction in Choppy Consolidation
  • Small Caps Break Relative Resistance, Building on Recent Strength
  • Futures Point to a Higher Open Today

Key Chart – Global X Copper Miners ETF (COPX)

The Global X Copper Miners ETF (COPX) has a Bullish ETF Rating and has been leading the SPY since June. The fund recently broke to new highs, setting the stage for further upside should this breakout hold. In the near-term COPX is at an overbought condition above the rising long-term trend line. Chaikin Money Flow is bullish, indicating accumulation. A move toward oversold conditions should provide an opportunity to add exposure to this theme.

COPX

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