Chatter in the commodities pits on Wednesday was all about the bounce in copper and whether it was a sign that the market had bottomed out.
The red metal is sometimes called Dr. Copper because the price action is often predictive of market sentiment and broader market moves.
And on Wednesday, bulls were pointing to the positive price action as a sign that copper, and by proxy the broad market, had made a bottom.
However, strategic investor Dennis Gartman says not so fast. “The bounce in copper is just that – a bounce from oversold levels,” he says.
"Usually bottoms are not formed in a pattern of a 'V' - where you simply slide into oblivion and bounce violently higher. Usually you get a bounce, then the market goes back and tests its lows again and again.
Even if you do think a bottom has formed Gartman says don’t jump in. “It takes several days or a week for a bottom to form – be careful.”