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Many key commodities are breaking support, ranging from the CRB Index, Crude Oil, Commodities ETF (DBC) and Gasoline futures. This has my attention, due to this…the majority of the time Crude Oil & Gasoline have been soft, it may have been good for prices at the pump, yet it wasn’t good for stock prices!
At the same time some of the key macro commodities are breaking down, the U.S. Dollar is bouncing off support and breaking above a bullish falling wedge.
Joe Friday…Often times a breakdown in these commodities reflected a weaker macro picture for the economy (Deflating) going forward.