Ann: Fremantle Conference Presentation, page-32

IMHO, someone just wants out, and is selling. Each SP surge, followed by selling and at least 30% draw down . Low RSI, higher lows.

Copper:

Haven't bought any since last CR.

Copper price bounces as analysts see short covering fueling big gains

Trend-following investors have built up record short positions in copper contracts during the recent selloff, but prices could quickly turn higher if they start unwinding their positions, Daniel Ghali, senior commodity strategist at TD Securities, said in an emailed note.

“In copper markets, the pain trade is to the upside — and while the first buying program is already hitting the tapes, a break north of $8,350/t on an LME monthly basis could spark large-scale buying activity,” he wrote. “This could fuel a virtuous cycle, as the large-scale algo buying activity could catalyze additional buying programs.”

Copper rose to a high of $8,320 a ton on the LME and was trading up 1.5% at $8,318 a ton as of 5:07 p.m. local time. Zinc and lead were also higher, while nickel slipped further despite fresh evidence of the pain that low prices are causing producers.