Oil, gold, copper. They’re all getting dumped today as risk aversion rises and the reflation trade takes a beating. When China sneezes, the commodities markets catch pneumonia. Oil is on a $65 handle after repeated stalls toward $73. Copper has taken a heavy hit is recent sessions after making a new 11-month high just this past Thursday. Gold, the anti-dollar, has pulled back to the $931 level from $960 last week.
$925 and $906 are the next supports; $940 is resistance.
Equities are under sustained pressure in early trade; Futures are at their lows and the S&P cash index is down 2.25%.
