Mid-Year Reversals in Commodities
By Paul Nowak • Aug 19th, 2008 • Category: Broker CommentaryBy Jim Barrett
The July 4 holiday weekend has proven to be a turning point for just about all commodity futures this year. Daily charts in corn, coffee, cocoa, sugar, and natural gas all show important multi-year peaks – and I mean peaks. Obviously, the second half of 2008 is unfolding in a dramatically different environment than the first half of the year. The reversals gained steam around July 14 (the Bastille holiday in continental Europe) as the crude oil market and soybean complex completed major double tops on the charts. Read more.
