I'm buying cocoa per the analysis and comments on the charts below. I think most commodities are in bear markets with the dollar running higher. Normally I would prefer to trade with the larger themes running through the markets, but it looks like cocoa is set up for rally. If it breaks below the trend line by any significant amount, cocoa will likely be joining the bear party as well. Perhaps cocoa will fight the trend and go up because people will be more inclined to eat chocolate as the financial system melts down.
Kim Rice 10/4/11.
No comments:
Post a Comment