Dr Copper is a great economic barometer but so is the stock market.

Today, one of them is wrong. The S&P 500 is taking a beating, down 2.4% with the Nasdaq down 3.2%.

Meanwhile, copper is up 1.8% in the second day of gains.


Now that might at least partly reflect supply constrains in the copper market but it's unusual to see such a divergence.

When does that kind of divergence happen? Quarter-end certainly qualifies.

It's one of the many distortions and puzzles pieces that don't fit in today's market. I'd be hesitant to take any of the price action at face value today (or tomorrow).