Dr. Copper is Suspicious of This Rally in Stocks

Although stocks have erased losses from earlier in the year and are now making new all-time highs, the metal with a PhD in economics is acting a bit less sanguine. Indeed, copper failed to make a new high in February and has now broken it's medium term uptrend line despite the strength in stocks. A continuation of this behavior could be taken as a signal that stocks are ahead of themselves in discounting an acceleration in global economic activity.