“Doc Copper weakness over the past few years seemed to have little impact on the broad market. Will Doc Copper’s strength over the past few months and breaking above multi-year falling resistance, have a positive impact on the broad market and suggest that some economic strength is around the corner? In our humble opinion it is too early to tell,” notes ETF Daily News.
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JJC currently resides almost 12% above its 200-day moving average and 7.7% above its 50-day moving average. The ETN is up almost 35% over the past year.
Similar to index-based exchange traded funds, ETNs also track some sort of index as part of their investment strategy. However, an exchange traded note, like the name implies, is a type of debt note that trades on an exchange. Additionally, the underwriting bank that issues ETN shares may choose to stop share creations.
For more information on Copper ETFs, visit our Copper category.