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Uh-oh.

There is a consolidation in copper right now, which is not surprising given its roughly 30% rally since the election. But that appeared to be ending when copper broke out of its downtrend last week. Then it abruptly fell about 5% over the past few days and we are close to being right back where we started. 

The concern is the economy, as copper acts as an indicator of economic health.

Copper is now at a one-week low. As long as copper prices stay above $2.50 though, the metal may be OK (although it would be more constructive if it rallied from current levels). How have copper stocks held up during this miniature pullback? Not great, if Thursday's price action follows through. 

Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. Report fell 2.15% Wednesday and is already down another 2.1% in Thursday's trading session. Southern Copper Corp (SCCO) - Get Southern Copper Corporation Report fell 2.3% Wednesday, while BHP Billiton Limited (BHP) - Get BHP Group Ltd. Report tumbled 1.3% Wednesday and is down almost 2% in Thursday's session.

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Beware Tesla fanboys: Tesla (TSLA) - Get Tesla Inc Report burning money, but shareholders are the likely ones to blister and feel the pain. The standard 90-day corporate equity lockup period for Tesla, following its $402.5 million stock sale of March 16, ends Thursday TheStreetreports. As a result, Tesla will be free to conduct another stock offering as soon as Thursday, which is a real possibility given the electric car company's debt situation, partly due to its Solar City investment, and need for additional cash. Any new issuance the company may seek would likely need to take place before July, which is when Tesla issues its quarterly report on car sales. Alternatively, an offering could come in late August after Tesla issues its quarterly financial report.

Shares could start to come under pressure.

Mining stocks get whipped: Global mining stocks found themselves in a hole Thursday TheStreetreports, after South Africa's government said that at least 30% of domestic mining assets should be black-owned even if previous black owners sell their stakes. South African-exposed mining companies fell sharply in the wake of the announcement. London-listed Anglo American plc (AAUKF) tumbled 4.4% to 1,013 pence ($23.87) a share, South32 Ltd fell 4% to 158 pence, BHP Billiton plc (BHP) - Get BHP Group Ltd. Report was down 2% to 1,155 pence, Rio Tinto (RIO) - Get Rio Tinto Plc Report fell 2% to 3,079 pence and Glencore plc (GLNCY) fell 2.6% to 279.2 pence. South African gold producers were hit even harder. Sibanye Gold Ltd. (SBGLF) plummeted 6.7% to 1,562 South African rand ($121.38) and AngloGold Ashanti Ltd. (AU) - Get AngloGold Ashanti Ltd. Report fell 4.8% to 14,015 rand.

Amazon eyes a new prize: Amazon (AMZN) - Get Amazon.com, Inc. Report may be preparing a deal to buy Slack Technologies in a deal that could value the messaging startup group at more than $9 billion, TheStreetpoints out. With Microsoft's (MSFT) - Get Microsoft Corporation Report deal for LinkedIn being well-received, this deal seems logical for an Amazon that is aggressively expanding into the cloud.

One has to wonder though: why isn't Apple (AAPL) - Get Apple Inc. Report considering Slack or for that matter, Twitter (TWTR) - Get Twitter, Inc. Report . Each service would provide valuable insight into human behavior from which to build new products and services.

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