AFP: Weakness in Copper Suggests Doubts About Economic Outlook.
The S&P 500 Composite rose 6.29 points or 0.50% on Wednesday, August 3, 2011. This is a very small recovery of the 6.76% loss over the previous 7 trading days. The trend remains bearish.
The S&P Mid Cap 400/Large Cap Relative Strength Ratio fell further below 5-month lows and key SMAs. MDY/SPY appears bearish for the medium term.
Bond, iShares Barclays 20+ Year U.S. Treasury ETF closed above the highs of the previous 9 months, again confirming a significant uptrend.
Copper, iPath DJ-UBS Copper TR Sub-Idx ETN fell below the lows of the previous 4 weeks, suggesting a short-term downtrend. Weakness in Copper suggests doubts about the economic outlook.
Crude Oil, United States Oil ETF fell further below the lows of the previous 5 weeks, again confirming a short-term downtrend.
Gold, SPDR Gold Shares ETF rose above all-time highs.
Silver, iShares Silver Trust ETF rose above 3-month highs, suggesting a significant rally.
