INK Canadian Insider Index outpaces gold, rises 2.2%

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK CIN briefly pushed through the 900 level but was unable to close above it. However, the Index did add 19.41 points or 2.2% to close at 896.58.

MACD shot up 3.5 to 4.63. RSI climbed 4.44 points to 58.87 and is now approaching its April high of 61.83.

Support is at 873.64 (20-day moving average) and 8990. Resistance is at 900 and 914.4 (upper Bollinger band).

As far as performance goes, the INK Canadian Insider Index outperformed gold (0.93%) and copper (1.63%) but trailed the SPDR S&P 500 ETF (SPY*US) (3.01%), silver (4.56%), and crude oil (6.74%).

The Global X Copper Miners ETF (COPX*US), which we mentioned last week, ignored a prior gap, shot up a further 4.87%, and is firmly in 'melt-up' mode having risen over 10% in two weeks. Copper has helped cut through the doom and gloom and guided savvy investors toward incredible rebounds in both broad markets and commodities just as my notes suggested these past two months. And so, it now appears our forecast of a big melt-up in metals (especially silver), speculative sectors like biotech, and the largely forgotten world of microcaps is likely in June.

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