Thursday, May 05, 2011

The Commodities Crash!

The CNBC iphone and ipad app has a column up on the Commodities Crash. Basically, "stuff" is falling out of bed here.

commodities crash

I'm sure the column is up on the normal CNBC website, which is why I provided the link. But if you have an iPad or iPhone, the app is pretty good.

Anyway, isn't it amazing how quickly oil and the metals have fallen? It's the kind of action that's more than just a one-day wonder. It's like a free fall collapse. Like the game has changed.

I'm reading on some of my favorite sites about how now is time to ultra-short the metals, especially Silver. Hey, that would have been great before this week started, but now? Yes, if the trend has changed there is plenty of room to the downside. But... Wow.

That's my thought. Oil is heading down. I'd think gasoline prices will follow. And right ahead of summer. Who would have thought? Of course, this could mean that the market is starting to price in a slower economy...
***

I'm still in low beta stuff and some oil, with some cash.

After this down week, tomorrow may see some folks book some gains and send the market higher. If we do get a bounce, I wouldn't blame anyone for "selling in May."

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