INK Canadian Insider Index holds firm with copper as oil soars

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Sun, 04/05/2020 - 10:16 pm Nicholas Winton, High on the Hog

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The INK Canadian Insider Index bounced as much as 56 points to 788 but could not maintain its strength and retraced fully before closing at 731.36, down 1.3 points on the week.

MACD managed to rise 15.41 points to close at 21.88. RSI rose 2.33 points or 7% to 36.33 and has lots of room to move on the upside.

Support is at 685 and 690. Resistance is at 760 and 800.

As far as performance goes, the Index beat the SPDR S&P 500 ETF (SPY*US) (-2.06%) and the precious metals gold (-0.51%) and silver (-0.28%) which both took a breather after a stellar week.

However, crude oil (31.75%) smoked the performance of INK CIN and just about everything else, for the first time since its death-defying 4-week plunge began. Copper, the metal I have held out as the key to a major turnaround for commodities and markets, put in a respectable gain as well (0.94%).

We once again saw copper holding firm like a lighthouse in a hurricane deluge, outperforming US markets both on the week and on a sell-off Friday. We are seeing the base metal hinting toward a major reversal and reinflation of assets, an event made all the more possible with slashed interest rates and unprecedented economic stimulus in the trillions. What lines up similarly is the outlook of my Alpha Signals, a set of proprietary cycle-forecasting tools I developed. They suggest a market and metal reversal after March 21st could spark a mania-like rally for metals and markets into mid-June or possibly even into July and at least a two-month uptrend for oil. Given the recent upturn in markets, metals, and now oil, investors should keep an open mind to our forecast playing out, though many will understandably dismiss these moves as a dead cat bounce. As investors hold onto hope for a recovery, watch for confirmation in the continued strength of hard assets, including copper, which has made higher highs in recent weeks, and oil as they are excellent predictors of inflation and economic upturns.

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).

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