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Fueling the Fire: Commodities Hit a New High

Monday, December 20, 2010, 6:01 PM
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Is the stock market topping? Will deflation return soon? Is oil about to tank?

As we continue to wrestle with the various policy gyrations that are complicating the macro picture, we're going to continue to keep our eyes firmly on market activity for clues.

Our old friend, the Continuous Commodity Index (CCI) has made a new closing high today. If it does not soon turn down, it will give traders a powerful motivation to run it up even higher, as it will have broken out from a potential double-top formation.

"Things" are getting more expensive. That is a fact. Energy, metals, and the 'softs' (grains and cotton) are all headed higher, both in the US and elsewhere across the world.

True, the new daily closing high for the CCI is by a whisker, but it's a new high nonetheless:

 

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