If you're watching gold's slide, Fast trader Guy Adami thinks you may be watching the wrong metal.
He's focussed on weakness on copper and the chatter that it could signal a global recession.
"Freeport, the world's largest copper miner, made a 52-week low on Monday, he says. "That's a stock that made a 52-week high at the beginning of the year and save for a few exceptions, has been going down ever since. That's trying to tell you something."
Brian Kelly is also bearish copper. Not only doesn’t he like the chart but he says a strike that traders thought would last about a month was settled quickly - and that relieves supply constraints.
Neither catalysts is bullish for the copper market.
Check out the video for more details on the copper trade as well as the latest Volatility Playbook. Find out why Dan Nathan thinks the Vix could trade north of 40!
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Trader disclosure: On Sep 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan is long Apple (AAPL) through call spreads; Nathan is long Goldman Sachs (GS) through call spreads; Nathan is long Intel (INTC) through put spreads; Nathan is JPMorgan (JPM) through put spreads; Nathan is long Oracle (ORCL) through put spreads; Nathan is Sprint (S); Nathan is long DIA puts; Nathan is XLF puts; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU; Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (IBM); Finerman owns (GOOG); Finerman owns (ORCL); Finerman’s firm owns (MSFT); Finerman owns IWM; Finerman owns MDY; Finerman owns SPY; Terranova is long VRTS; Terranova is long OXY; Terranova is long HOS; Terranova is long OIH; Terranova is long CVI; Terranova is long AXP; Terranova is long EMC; Terranova is long WFM; Terranova is long AMZN; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM
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