Bespoke's Commodity Snapshot (9/22/08)

Below we highlight our trading range charts of ten major commodities.  The green shading in the charts represents between 2 standard deviations above and below the commodity's 50-day moving average.  Moves above or below the green area are considered extremely overbought and oversold. 

After experiencing serious declines for the past two months, some commodities have bounced back nicely over the last week, while others haven't seen much of a pop.  After trading more than 2 standard deviations below its 50-day, oil has staged a double-digit rally, and is on the verge of breaking its downtrend if it closes above $108 today.  Natural gas, on the other hand, hasn't rallied at all, but it has stopped going down at least. 

Like oil, gold has also spiked over the last week or so as investors flocked to safe-haven asset classes.  Other precious metals like silver and platinum haven't seen the same type of spikes that gold has seen.  Agriculture commodities also haven't seen the rallies like oil and gold have seen.  While they have stopped cratering, corn, wheat, coffee and orange juice are still trading close to the bottom of their trading ranges.

click to enlarge

Comments

[Kunst:]

It would be nice to see soybeans on this list.

2008 Sep 28 09:21 PM