Lets check the commodity dashboards:
Here's $WTIC - Looks Bullish!
Testing support on every date....caution warranted:
Testing resistance...buying opportunity with a tight stop?
What I can't understand is why Potash is not getting a bid.
Here is potash so you can see what I mean..
Doesn't look strong yet...
The farther out months look marginally stronger.. But still a declining 10 week line and below it.
Interesting that Bernanke is seeing commodity inflation when almost every chart is rolling over with downsloping 10 week lines. $HSI has been weaker than the US markets. We will see if it gets a major bounce tomorrow. Asia seems to be a read on commodities.
Crude is testing it's recent highs and is very strong above it's 10 week.
Here is Brent Crude.
Brent price is pinched between the 40 week above and the 10 week below.
So far, I don't see an edge in direction for these commodities. We'll see if the breakout continues.
I continue to watch the Euro to tell me direction and it has been soaring in both directions. Sea sick from all the wave action? Me too!
The Italian bonds got a morning of relief but the yields popped back up near the highs by the end of the day. If the credit markets aren't happy, we have to have something go phenomenally right to keep equity markets up.
Hey, we'll see what tomorrow brings, but you can't claim it's boring!
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