Commodities Snapshot
Inflation bulls* avert eyes…
DBC new lows…
USO at lows (a weekly chart of WTIC in NFTRH 303 noted crude is at a ‘if crude is going to rally it needs to do it now’ level)…
DBA at new lows…
DBB, a China growth beneficiary, is tickling new lows off of its impressive rally (NFTRH+ had a target of 18.50, although my personal position – as noted at the time – was sold around 18). DBB is breaking down from a little bear flag, but this whole decline could be a bull flag then eventually brings DBB to or through target. But in the context of this post, it’s making a new short-term low today.
Finally, the commodity/precious metal cross dresser, silver… SLV is dropping out of what I had suspected might be a bear flag one week ago as it apparently wants to do more testing in the support zone.
All of the above is within the context of the CCI index needing to hold this important big picture support level that NFTRH has anticipated being tested for many weeks now, after anticipating the big breakout at the beginning of the year.
* Speaking of anticipation, you know my thoughts on the previous post by Steve Saville (and its implications of inflationary effects) so you know I am not making a big bearish stand against commodities but rather, simply noting that in the here and now they are not bullish.