My near-term work indicates that this morning's spike low in Freeport-McMoRan Copper & Gold (NYSE: FCX) at 48.61 followed by a sharp upside reversal above 50.00 (so far) has the right look of the end of the corrective process off of its 1/12 high at 61.34.

If that proves to be the case, then FCX is about to enter a new upleg within its dominant uptrend off of the July 2010 low at 28.36.

Let's keep an eye out for a positive close today above 50.14. While FCX is attempting to put in a corrective near two-month low, the iShares Silver Trust (SLV), Silver Wheaton (SLW) and the SPDR Gold Shares (GLD) all are taking a breather in the aftermath of their near-vertical upmoves, which so far has not negatively impacted their otherwise very much intact and dominant uptrends.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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