Weekly Chart Review

Commodities caught a bid after Bernanke's speech.

Commodities caught a bid after Bernanke's speech.

So did the Australian dollar which shouldn't be a surprise.

So did the Australian dollar which shouldn't be a surprise.

I would have expected the Canadian dollar to do the same but the response was more muted. Is there something wrong with the Canadian economy that we don't know yet? I am predisposed to being long but something isn't right.

I would have expected the Canadian dollar to do the same but the response was more muted. Is there something wrong with the Canadian economy that we don't know yet? I am predisposed to being long but something isn't right.

Gold stocks are nearing resistance. Don't be surprised by a pullback.

Gold stocks are nearing resistance. Don't be surprised by a pullback.

With so many Asian currencies tied to the dollar, Fed policy arguably has a greater impact in Asia than here. That should be reflected in Asian real asset prices such as real estate.

With so many Asian currencies tied to the dollar, Fed policy arguably has a greater impact in Asia than here. That should be reflected in Asian real asset prices such as real estate.

It is said that copper is the commodity with a PhD in economics. If that is true the growth scare may be ending.

It is said that copper is the commodity with a PhD in economics. If that is true the growth scare may be ending.

And where copper goes nickel should follow. I was recently stopped out of a long position but may buy it back this week.

And where copper goes nickel should follow. I was recently stopped out of a long position but may buy it back this week.

Aluminum also looks good. Yes, there is a reason I'm spending so much time on commodities this week. If the Fed has placed a floor under the inflation rate, they have also effectively placed a floor under commodity prices.

Aluminum also looks good. Yes, there is a reason I'm spending so much time on commodities this week. If the Fed has placed a floor under the inflation rate, they have also effectively placed a floor under commodity prices.

Sugar has run into resistance at the 200 day MA, but there is little overhead resistance and the fundamentals are positive.

Sugar has run into resistance at the 200 day MA, but there is little overhead resistance and the fundamentals are positive.

Is this the beginning of the long awaited bond market correction?

Is this the beginning of the long awaited bond market correction?

Emerging markets, which are very dependent on natural resources, should rally if commodities are strong.

Emerging markets, which are very dependent on natural resources, should rally if commodities are strong.

Russia would also benefit from higher commodity prices.

Russia would also benefit from higher commodity prices.

Global materials stocks are re-establishing an uptrend.

Global materials stocks are re-establishing an uptrend.

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