Well, that took long enough. In place since January 20th, the ascending trendline for commodities (as measured by the ETF symbol DBC) is broken to the downside.
Beside’s oil’s weakness (which I mention at every opportunity), agricultural commodities have been doing just as poorly (somewhat to my surprised, since it looked like DBA was actually shaping up). One part of the weakness in the world of food is none other than corn, whose bear market persists, in spite of the Commodity King’s pronouncements otherwise over two years ago.
