Whilst the main market pushed higher for a third consecutive day, there were extremely powerful gains for the copper miners. Freeport McMoran (FCX) and Teck Resources (TCK) settled higher by 16.2% and 9.9% respectively. Near term outlook is bullish, but there is yet to be any capitulation within the mining industry.
Suffice to note.. despite very powerful gains.. it has been a year of horror for most mining stocks.
Just reflect on the fact that FCX started 2015 in the $22s.. and despite today's very powerful gain, is still net lower by around -65%.
*I have ZERO interest in being involved in any of the mining stocks, as commodities still look vulnerable to another major down wave in first half of 2016.