Thursday, August 21, 2008

Commodity Bounce

Well it was bound to happen. The question is, whether the bounce in commodities will have legs and keep crawling up to new highs for Gold and Crude Oil, or if this pop is simply a bounce in a down trending market. With tensions seen again in financials it is logical to see this bounce happen, but we will all have to wait and see what happens.

The Euro bounced

Gold bounced 50pts off its lows. Its interesting to hear the difference in commercials for gold right now. Right now I'm hearing commercials telling people to cash in their gold jewelry for cash, where as when gold was near its highs I was hearing commercials telling people to trade commodities like gold.

Crude Oil September contract expired and the new front month contract saw a big pop.


HPT on 3:34 PM said...

Is it a coincidence that the commodities bounce the week after opex, making there lows on opex friday? I think not.

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