Tomorrow is shaping up lower with bad news out of NSM (National Semi) and ABN Amro. Off the cuff the NSM number seems worse just because the ABN news is backward looking.
I wanted to post a chart of the commodity Research Bureau Index but am experiencing some technical troubles. It shows a double top over the last couple of weeks with a sharp stochastic divergence. It is heavily effected by oil but the charts of Gold, Silver, HUI and the XAU all show similar short-term weakness. And of course the dollar is sitting at support. All these things point to weaker commodities and a stronger dollar. It will be interesting to see how the market responds to the action. On the face it seems bullish as it shows that commodity prices are not out of control.
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