Market Matters Morning Report Monday 11th April 2016
The CRB Index (Commodities Index) led stocks into significant falls in both the May / June and October / November periods last year, things are again looking interesting.
Simply, if the CRB Index breaks the recent April low of 164 we think US stocks are likely to fall BUT we feel Fridays strong move by oil (+6.6%) has made this a 50-50 scenario.
We remain bearish copper and to a lesser degree iron ore from current levels but oil is tricky and will be very news / short covering driven at present.
This is a classic situation of let the market show its hand rather than trying to second guess what will unfold next.
More investing / trading ideas can be gleamed from looking specifically at our major local resource stocks.
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