Well, This chart went vertical, and the commodities went south.
Enough said. As fear returns to foreign markets and money migrates to the US Dollar denominated indexes, we can continue to expect weakness. Caution for Canadian stock picking is still advised. This is currently driving the trading. You could say the Euro collapse is, but the reality is that the US Dollar denominated commodities go down as the dollar rises. Copper continues to move down.
Good Trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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