December 15, 2012 at 11:23 AM EST
Commodities Are At An Interesting Juncture Again.
Saturday, December 15, 11:25 a.m. After spiking up in 2009 and 2010, commodities have been in a bear market since early last year, the CRB Commodity Index plunging 27% to its low earlier this year. Attempts to rally were halted by the resistance at its 30-week m.a. However, the rally off that low has been [...]

Saturday, December 15, 11:25 a.m.

After spiking up in 2009 and 2010, commodities have been in a bear market since early last year, the CRB Commodity Index plunging 27% to its low earlier this year. Attempts to rally were halted by the resistance at its 30-week m.a.

However, the rally off that low has been promising, breaking out above the 30-week m.a., pulling back to retest whether the m.a. would now become support for a new bull market, with the test seeming to be successful.

But now they’re pulling back again already. It may just be another pullback to retest the support again, but also leaves commodities still potentially in the almost two-year pattern of rally attempts topping out at lower highs. Worth keeping an eye on.

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To read my weekend newspaper column click here:A Warning From Inflation, The Dollar, And Mining Stocks! 

Subscribers to Street Smart Report: The new issue of the newsletter in your secure area of the Street Smart Report website. from Wednesday.

Yesterday in the U.S. Market.

Another quiet day with concerns about the fiscal cliff dominating. The Dow traded in a narrow range of 72 points between its high and low, and closed in the middle of the range, down 35 points. Volume was again just under 0.7 billion shares traded on the NYSE.

The Dow closed down 35 points, or 0.3%. The S&P 500 also closed down 0.4%. The NYSE Composite closed down 0.1%. The Nasdaq closed down 0.7%. The Nasdaq 100 closed down 1.0%. The Russell 2000 closed down 0.1%. The DJ Transportation Avg. closed up 0.1%. The DJ Utilities Avg closed down 0.1%.

Gold closed down $2 an ounce at $1,695.

Oil closed up $.98 a barrel at $86.87 a barrel.

The U.S. dollar etf UUP closedown 0.5%.

The U.S. Treasury bond etf TLT closed up 0.7%.

Yesterday in European Markets.

European markets closed mixed yesterday. The Europe Dow closed up 0.2%. The London FTSE closed down 0.1%. The German DAX closed down 0.2%. France’s CAC closed unchanged. Italy closed up 0.3%. Spain closed up 0.1%. Greece closed down 0.3%.

Global markets for the week.

There was continuing follow through in the global rally outside of the U.S., but not so much in the U.S. as it worries about fiscal cliff talks.


THIS WEEK (December 14)
DJIA13135- 0.1%
S&P 5001413- 0.3%
NYSE8333+ 0.2%
NASDAQ2971- 0.2%
NASD 1002628- 0.4%
Russ 2000823+ 0.2%
DJTransprts5186+ 1.1%
DJ Utilities451- 0.6%
XOI Oils1,237+ 1.0%
Gold bull.1,695- 0.5%
GoldStcks164+ 1.6%
Canada12296+ 1.1%
London5921+ 0.1%
Germany7596+ 1.0%
France3643+ 1.0%
Hong Kong22605+ 1.9%
Japan9737+ 2.2%
Australia4595+ 0.9%
S. Korea1957+ 1.9%
India19317- 0.5%
Indonesia4308+ 0.4%
Brazil59604+ 1.9%
Mexico43050+ 0.6%
China2252+ 4.4%
LAST WEEK (December 7)
DJIA13155+ 1.0%
S&P 5001418+ 0.1%
NYSE8314+ 0.5%
NASDAQ2978- 1.1%
NASD 1002640- 1.4%
Russ 2000822+ 0.1%
DJTransprts5128+ 0.2%
DJ Utilities454- 0.1%
XOI Oils1,225+ 0.7%
Gold bull.1,704- 0.6%
GoldStcks162- 4.8%
Canada12159- 0.7%
London5914+ 0.8%
Germany7517+ 1.5%
France3605+ 1.3%
Hong Kong22191+ 0.7%
Japan9527+ 0.9%
Australia4555+ 0.8%
S. Korea1957+ 1.3%
India19424+ 0.4%
Indonesia4290+ 0.3%
Brazil58487+ 1.8%
Mexico42797+ 2.3%
China2158+ 4.1%
PREVIOUS WEEK (November 30)
DJIA13025+ 0.1%
S&P 5001416+ 0.5%
NYSE8260+ 0.4%
NASDAQ3010+ 1.5%
NASD 1002677+ 1.4%
Russ 2000822+ 1.8%
DJTransprts5119+ 1.3%
DJ Utilities453+ 3.1%
XOI Oils1,216- 0.5%
Gold bull.1,715- 2.1%
GoldStcks170- 2.4%
Canada12239+ 0.2%
London5866+ 0.8%
Germany7405+ 1.3%
France3557+ 0.8%
Hong Kong22030+ 0.5%
Japan9446+ 0.8%
Australia4518+ 2.0%
S. Korea1932+ 1.1%
India19339+ 4.5%
Indonesia4276- 1.7%
Brazil57474- 0.2%
Mexico41833- 0.2%
China2073- 2.3%

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Next week’s Economic Reports:

In addition to being the week that will end with the quarter’s quadruple-witching options and futures expirations on Friday, next week will see a number of potential market-moving economic reports including the Empire State (NY) Mfg. Index, new housing starts, existing home sales, another GDP revision, etc.  The Chicago Fed’s National Economic Activity Index will be out on Friday. That’s the one that was getting very close to the level the Fed considers to indicate the economy is in recession. To see the full list click here, and look at the left side of the page it takes you to.

To read my weekend newspaper column click here:A Warning From Inflation, The Dollar, And Mining Stocks!

Subscribers to Street Smart Report: The new issue of the newsletter in your secure area of the Street Smart Report website. from Wednesday.

I’ll be back with the next regular blog post on Tuesday morning at 9:25 a.m.

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