Wheat, CRB, fertilizer stocks, USD, 200 day moving average & chart porn
If you haven’t heard:
Wheat prices are at a 2-year high… up 50+% in July alone!… which has undoubtedly taken fertilizer stocks (POT, AGU, MOS, etc) higher by ~25%
Source: stockcharts.com
CRB – the ubiquitous commodities barometer is at a 7-month high – battling strong resistance
Source: stockcharts.com
Baltic Dry Index has turned up 10%
VIX is below the 200 day moving average
Source: stockcharts.com
S&P 500 is trying to hang on to crucial support at 200 day moving average…
Source: stockcharts.com
US Dollar index is barely hanging in at the 200 day moving average
Source: stockcharts.com
Oh and lastly… the Shanghai stock market as a leading indicator of leading indicators… what a joke!
What does this all mean? The next days/weeks are crucial to get a sense of market direction… i think markets are at an inflection point and could either way from here… tighten your belts!
