Tuesday, May 15, 2012

CRB Index Entered Support Zone

Everyone is down on commodities nowadays. While it is hard to argue with fundamentals behind the one-year-old decline (from higher dollar to lower demand), this asset class is now so universally hated that it may be due for a nice bounce. CRB Index entered a support zone, which I think will hold.
SPX staying above 1300 is an integral part of this possible bounce.

click on chart to enlarge

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