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<p>OIL PRODUCERS VS COPPER MINERS 

The XLE-to-COPX ratio, which displays no long-term up or down trend (i.e. a good candidate for a mean reversion trade) remains in the lower end of its long-term cycle.

At this stage, while a return to its recent top would imply a 61% outperformance for XLE relative to COPX, reaching its ATH would generate a 250% excess return.

On the momentum's side, one could also notice that the ratio has recently been oversold (typical of a bottom) while its monthly MACD is now positive.

Here is another reason why I am overweight energy relative to metals currently.

$XLE $COPX $COPJ</p>

OIL PRODUCERS VS COPPER MINERS 
The XLE-to-COPX ratio, which displays no long-term up or down trend (i.e. a good candidate for a mean reversion trade) remains in the lower end of its long-term cycle.
At this stage, while a return to its recent top would imply a 61% outperformance for XLE relative to COPX, reaching its ATH would generate a 250% excess return.
On the momentum's side, one could also notice that the ratio has recently been oversold (typical of a bottom) while its monthly MACD is now

OIL PRODUCERS VS COPPER MINERS The XLE-to-COPX ratio, which displays no long-term up or down trend (i.e. a good candidate for a mean reversion trade) remains in the lower end of its long-term cycle. At this stage, while a return to its recent top would imply a 61% outperformance for XLE relative to COPX, reaching its ATH would generate a 250% excess return. On the momentum's side, one could also notice that the ratio has recently been oversold (typical of a bottom) while its monthly MACD is now positive. Here is another reason why I am overweight energy relative to metals currently. $XLE $COPX $COPJ

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