Chart of the Week – iShares Tech-Software ETF (IGV US) v Global X Copper ETF (COPX US)

Last week saw some distinct performance reversion after around six months of one-way money flow from software/tech stocks into the miners, spearheaded by copper. We discussed earlier some of the reasons copper was under pressure and we’re likely to see more this morning but we believe it’s time to start laying plans to buy the recently out of favour miners, albeit in a patient way. Our preferred scenario from a technical perspective is copper stocks make new highs in 2026 while software stocks test their recent lows – definitely not how things feel today with the only noticeable buying last week, outside of energy stocks, was in the beaten up “cheap” software stocks like Xero (XRO), Catapult Sports (CAT) and WiseTech (WTC).

• We believe the COPX ETF  is looking more interesting than the IGV ETF into current rotation.