Nearby NYMEX crude oil futures have the right look and the requisite underlying internals to suggest that yesterday's low at 93.42 and this morning's low at 93.81 ended the decline from the July 26 high at 100.62.
After last week's plunge in reaction to a minor downward guidance adjustment, Silver Wheaton (SLW) has rebounded strongly and held its gains during today's crazy volatile session.
In theory, the commodity mining, producer type names should perform well in an environment of dollar weakness. Such is the case with Freeport-McMoRan Copper & Gold (FCX).
It is interesting that the EUR/USD is circling unchanged this morning while spot gold price continue to climb in reaction to the ongoing impasse in the U.S. debt ceiling debate.
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