There's no doubt about it – commodities have collapsed. While crude oil steals the headlines, across the commods universe the carnage is quite evident: The CRB index is down -14.8% since July 3rd and is now less than 8pts from its 200-day (394.5) area. We haven't been below the 200-day since Sept. 2007.
Where crude is concerned $120 is a key area of support, should this fail, the next area of support is $110, which is also the 200 day simple moving average. Crude has also not traded below its 200 dma since early 2007.
The curious feature of yesterday's trading was that in spite of... read more by clicking here.