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Tuesday, April 9, 2013

Today's Leading Industry

These are the industries with 80% or more of their stocks advancing today.

These are the industries with 25% or more of their stocks making new highs.

There are no groups common to both lists, and so today I thought it would be interesting to look at one of the weaker groups in the market, copper. It is among the leaders in stocks advancing today, but with a total score of 6, is one of the short and long term weakest in the market (believe it or not, there are actually 3 groups with lower scores). It is a small group, so the numbers are a bit exaggerated, but all but one of the stocks in the groups are under the 50dma. FCX and SCCO were formerly strong stocks that have gone into fierce down trends, while AZC has held up relatively well. All of these are making moves bigger than 2% today, we may be seeing short term rotation here, which may provide some trading opportunities for bottom fishing.

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