Update on the last post ! I am bullish on Commodities since mid mid March click here ! Also bullish on Oil since mid march click here ! I will not turn negative on Oil & Commodities unless the diagonal support lines in the following charts of USO and DBC are broken ! I use USO and DBC as proxies for the other ETF's in the Oil & Commodities universe such as : RJI,DJP,DXO,UCO,UCD,USO,DBA,DBC,MOO,GSG,KOL,UNG etc...
Bullish on oil & commodities until the support line of this new uptrend is broken. The trend is your "amigo"..... for now ! That holds true also for the following ETF's(RJI,DJP,DXO,UCO,UCD,USO,DBA,DBC,MOO,GSG).
The inverted head and shoulders bottom in commodities is in as I have expected it to happen the last two months. The bases are loaded ! Commodity ETF's (DBC,DBA,UCD,MOO,GSG,RJI,DJP) have much more room on the upside. We have healthy base. I expect more strength from this group for the intermediate term.
DBC : Commodity Index DB.
DBA : Agriculture ETF.
GSG : iShares S&P GSCI Commodity-Indexed Trust
RJI : Rogers International Commodity Index
DJP : iPath Dow Jones-AIG Commodity Index Total Return
UCD : ProShares Ultra DJ-AIG Commodity (Double long)
