070309: As the second quarter has come to an end, many of the predominant trends in the commodity markets are starting to break down. While few new signals have been registered, quite a few 'stop's' have been hit suggesting the dead cat bounce off the panic lows from last fall/winter have exhausted themselves. Of note this week - crude oil and corn look toppy while natural gas and wheat look like they are getting ready for a serious push lower. I'll keep watching the first two weeks of the quarter play out before making any serious predictions for the entire quarter, but June's rather poor US employment situation report (published July 2nd) cast a very negative tone on the broader market and it looks like that negative inertia is gaining momentum.
That's all for this issue of the WCTS Spotlight,
Brian Beamish FCSI
the_rational_investor@yahoo.com
http://www.the-rational-investor.com
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