Regular readers know that we’ve been anxiously awaiting the decoupling of commodities and currencies from stocks. These asset classes are historically uncorrelated. That changed late last year when the financial world ended, and everything went down the crapper at about the same speed.
Except, of course, the US dollar and bonds…but I digress…
Today stocks were down…the DOW dropped about 100. These are the days I love to watch…so we can pick out the notable performers.
Good performances from today…
- Gold…up $13.80 to close at $951
- Silver…up $0.16 to close at $14.44
- Coffee…up 2.50 to close at 135.80
- Sugar…up 0.24 to close at 15.62 (this is why you never take profits, like I recently did, to wait for a pullback…it may never pullback, and you lose your position)
- Soybeans…up 6 to close at 1175
The dollar got hit today…long dated US Treasuries got slammed BIG…makes you wonder if we’re starting to see a return to fundamentals.
Gold and silver look like they could be gearing up for some big moves. Sell in May and go away? Maybe not quite yet.
Also, it’s nice to see sugar up on a day when oil was down. It was dumb of me to give up that position…