Trans, weekly'2, rainbow
Summary
Unquestionably..trans..outright bullish, and at least another 1-2 weeks to the upside.
With heavy QE next week, it would not be surprising to see the 7350/7400 zone hit..at which point we'll be due another period of sideways price chop..or (at best) 2-3% of retracement.
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Notable strength in FCX.
Primary trend is bullish, and recent price action is a simple bull flag..being confirmed right now. It has certainly had a good run since June lows (sp'1560s sure are a long way down now).
Upside target for FCX ? $40 min..possible 44.. $50 end spring 2014. .as a multi-month top.