Here is a comparison chart of ABY (a copper producer) compared to the XMM (Metals & Mining Index).
For some reason the computer would not let me write anymore on the chart,so i'll write it here.
Notice how the SP was undervalued compared to the Index for quite a period, then during the Japanese Crisis came back in line again. Both moved up together until the SP was sold off at $1.80.
Then moved back down to retest the high volume, wide spread, up bar which closed at $1.57.
The SP then moved up again, gapping through some area's where punters might be trapped, to peak at $1.95 on Friday, before being sold off, to close at $1.80.
Currently it is a little overvalued compared to the Index.
