Commodities Have Room to Recover

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It's been a pretty boring day. If you don't believe me, look at the ES for the past 24 hours…..


We have just been grinding around 1323 or so.

At the moment, the overall market is up 0.53% and I am down only 0.09%, which is thrilling for me since I am entirely short. It shows my shorts are not being overly prone right now to market strength, which is all I ask of my little guys.

Battered commodities do have room to roam higher. I don't entirely trust their ability to do so, so I'm probably just going to sit this one out. But, for the record…..




My completely baseless hunch is that the commodities will instead roll over and drag equities back down with them. As always, time (not Tim) will tell.