Wednesday Outlook: Commodities, Global Markets

<< Return to page 1 - Painting the Tape Green

March wraps up with some green, as cynically one might believe some tape painting was present. But it is what it is.

I don’t have much to add today since I’m pretty focused on the rest of the week’s news and actions. Remember, we have much to come this week with earnings, more economic data and the all important employment report.

Let’s see what happens.

Disclaimer: Among other issues the ETF Digest maintains positions in SPY, MDY, IWM, QQQQ, XLF, XLI, XLY, GLD, DGP, DBP, DBB, DBC, USL, EFA, EEM, EWY, EIS and FXI.

The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward.

Comments

[Daniel Herkes:]

As usual a succinct and concise report. Thank you. Unfortunately the market will be driven by the bad reports being released this week; the global situation is still pretty grim!

Apr 01 05:51 AM

[metalhead:]

Kommissar Obama ... classic!

Don't turn around
Der Kommissars in town!

Apr 01 07:28 AM

[littlegenius:]

I am a physical polymer scrap trader. Our volume to China went to zero in September and resurrected itself in February but prices were low and remained flat until March 31. But, Chinese demand increased dramatically in March back to pre-September levels. Ask pricing increased approximately 12% on March 30. China appears to be in recovery, at least in our myopic opinion. December was a catastrophe for us, but now we are optimistic.

Apr 01 07:32 AM

[studiophoto...:]

I'm new to your columns, and I'm a follower of TA...your chart analysis/commentary is a valuable read. Thanks.

Apr 01 08:57 AM

[williemo:]

with pennant formation on IYE, shouldn't the next big move be down?

Apr 01 01:23 PM

[AndrewBaker:]

Looking at David's emerging/BRIC and commodity charts shows that we are not yet ready to move up, and these are the ones you would expect to be a little ahead of the game. China's copper buying is being stockpiled, so hopefully we will see real action before long, but it's not yet. And oil wants to go back up, but can't quite break out either. The emerging/BRIC countries can't go it alone yet, so need us and other western markets to show a sustained rally: and I still say we have not seen bottom yet. Let's have it soon rather than when the index numbers - reached on nothing real - are that much higher. Sooner drop from S&P 800 than 1000!

Apr 01 03:09 PM