With the Fed warning of a fresh wave of quantitative ease ahead, one would have expected the Commodities Research Bureau index to soar along with gold. It didn’t happen, however. Resistance in the 281 area held fast and we now trade at 279.50-ish.
Perhaps the commodity currency rally will take a breather as well.
Other related markets like stocks are not soaring as one would have expected on QE. The S&P is starting to fall, down 0.3% after an early rally of the same magnitude. Oil has lost its gains as well.
Looks like its time to consolidate some dollar losses…
