Wednesday, February 9, 2011

Quickie follow up on Commodities

Late last month, I presented several weekly charts of commodities here and called it Food Inflation. This is just to follow up on those charts:
  • corn -  still rising and not overbought
  • wheat - still rising and not overbought. Has significantly topped last summer's Russia-induced spike up
  • livestock - COW ETF broke out from and has now tested a long-term trading range
  • rice - has finally joined the others withe a long-term resistance breakout

not in that report were:
  • cotton - parabolic rally to multi year highs but no sign of a top just yet
  • sugar - scored a 30-year high but then formed a bearish weekly reversal. Short-term trend broken, too.

Getting the drift? Yes, let's keep "volatile" food and energy prices out of the inflation picture and keep printing all the bucks we need.

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