Markets recovered from some mid afternoon weakness Tuesday, making it two days in a row that benchmarks shrugged off intraday softness. Both the Nasdaq and S&P 500 lost about .25%. Breakouts today were scarce, but AXS managed to take out a 4 week tight trigger of 41.44. Tuesday did bring some technical damage in the way of strong names piercing their 50 day SMAs to the downside. They included NKE HAL EXPE CRM just to name a few. GS, a financial heavyweight barely held its 50 day SMA today. The move Monday in Dr. Copper, down 3%, foreshadowed today’s JPM downgrade on China beautifully. Things that make you go hmmm. Copper usually has a way historically of forecasting economic growth, so the move should not be taken lightly. FCX barely budged yesterday, showing good relative strength, although it did fall today. Better play to me may be to buy SCCO near its 200 day SMA at 34. The benchmarks have been climbing that proverbial wall of worry: fiscal cliff, huh?, sequestration eh?, Cyprus what? Perhaps the biggest casualty to that wall has been the under performing hedge fund managers. Maybe they will not be so agitated after all if we start to see some more weakness going forward, if these markets start to fatigue.

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