Thursday, March 1, 2012
Commodities Getting Shaky
Crude oil and gold have been outperformers this year but the resistance to plow higher is growing. Yesterday was just a stunning drop in gold which came out of nowhere after rather nonvolatile conditions for the past several weeks. And crude oil is having a hard time keeping up with the stock market, and it has just been consolidating despite Iran. In the end, the S&P just keeps chugging along, steady and with dips being bought aggressively. We already have a healthy gap up off of yesterday's selloff. I don't think anyone wants to be short ahead of the ISM. I thought 1370 would prove to be a significant barrier but based on the price action, I'm thinking we'll probably have to get to 1400 before a significant shake out.
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2 comments:
ism below target. Top may be in for now?
No, I doubt it. ISM below target puts QE3 back on the table.
Mo money, mo money, mo money!
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