Macro analyst Ryan Ricci presented a visualized representation of Copper (CPER)'s Risk-Range Signal in this morning's Early Look. Here's what he had to say about this important metal commodity:

Copper is the most important thing to watch today. So, while everyone will be talking about the NVDA stock split, we here at Hedgeye will be looking for Metals on sale.

Copper was down -5% yesterday and is down another -1% this morning. Copper still has 3.1% downside risk (to the low end of the range). After something goes up +38% in 3 months, this type of volatility is normal, and patience is the key.

CHART OF THE DAY: Dr. Copper Corrects - chartoftheday

CHART OF THE DAY: Dr. Copper Corrects - CharityHockeyGame 1920x516


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