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San Diego | there isn't any long action by the funds on the main commodities on reopen thus far. gold -4, copper and crude oil red. stock indexes ES NQ are slightly green, so ukraine seems to be a done deal.
old timers know the CCI index, the original crb index that was bought by the ice exchange and then discontinued. newer commodity indexes are too heavy in energies weights, while the old CCI weights are 17% energy, 23% metals, 29% softs, and 29% agriculture, making for a true commodity index.
http://stockcharts.com/freecharts/candleglance.html?$CCI|C|H14,3
the CCI made a low about 500 in jan., then was trying to top at 550, when crimea hit and allowed the large spec funds to jam commodities another leg above 565.. friday the CCI tagged it's 20 day MA, so it needs to hold right now or a quick trip to the 50-day MA might be in order.
interestingly may corn is right on it's 20-day MA touch as well last friday same as CCI.
be cautious any commodity long right now, as the funds are very long right now and the stories are stale.
cheers! | |
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large spec funds cautious tonite
