Commodity Breakdown

{+++}I’m waiting on some technical support so I’m taking a break from video for tonight. The market was led down by the commodity sector, oil and materials were the culprits, the financials looked like they were about to give up the goose but actually hung in fairly well with a late day rally off the lows.

I called for a stop on DELL and CBS barely triggered but I got a little long around 8.65 and added a little more at the trigger price of 8.80. The volume on CBS was great and the pattern still looks very nice, hopefully over the next couple of days we can catch a breakout. AA hung in there, and I want you to raise your stops to 9.60-9.70 just for protection.

Interesting how the greenback caught a bounce right at the 62% Fibonacci Retracement and that triggered the sell off in commodities. The S&P which broke through the 200 day moving average earlier in the week backed off as it also hit a mini double top. That was to be expected and with the exception of an overdue bounce in the dollar and an overdue exhale from energy, the bulls still remain firmly in charge. Hope you had a good day

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