From the Desk of Ian Culley @IanCulley
Commodities are on the rocks.
Our Equal-Weight 33 Commodity Index is printing fresh two-year lows. Crude oil is hanging around the lower bounds of a multi-month consolidation. And Dr. Copper is loitering below former support.
This isn’t bull market behavior.
But just as the stock market is a market of stocks, the commodity market is a market of, well, a diverse set of commodities.
So, while I don’t want to buy many high-profile procyclical contracts – and certainly not the commodity indexes – I do like the more obscure areas showing strength…