What is Dr. Copper Telling Us?

We track the relative performance of the cyclical sectors (consumer discretionary, financial, energy, industrial, materials, technology) compared to the counter-cyclical sectors (consumer staples, health care, telecom, utilities) to gain an insight into leadership within the equity markets. Usually copper--the metal with a Ph.D in Economics--moves in synch with the relative outperformance of the cyclicals.  For the last six months, Dr. Copper has NOT been confirming the relative outperformance of the cyclicals.  It should be near $4/lb. to confirm the move in cyclicals.