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Man oh man, were we dead on when we urged you to jump all over resource markets yesterday, or what?
Today, just 24 hours later, we’ve already seen all kinds of records broken and a heck of a lot of new money rush into these markets …
Crude oil soared to a new intraday high of $115.07, closing a hair shy of $115! Wow! And look at gasoline! Zoom! Also another new record!
Just when everyone thought crude and gas inventories couldn’t possibly fall any further, guess what! They fell further, catching nearly everyone off guard.
And did you see gold today? Up $16.40 today alone! At $952! Not too shabby, eh? No, not yet at record highs. But it sure as heck looks to me like it’s building up for a run to record highs.
Most important, don’t forget the giant wind in our sails: The falling dollar. Today, it dropped like a stone to near a 40-year closing low. Meanwhile the euro jumped to an all-time high.
Sugar … copper … rice … coffee … all catapulting higher today as the bulls set the CRB Index on fire! It soared to 413.87, closing in on its all-time high of 416.68.
Moral of the story:
If you responded to our missives about a major buying entry point yesterday, great! You got the recos at an excellent time. And if you acted on them, just hold on tight — because this could be one heck of a ride.
But if you missed it, or you decided not to jump in just yet, don’t fret too much. There should be other opportunities in the not-too-distant future. Maybe the same sector. Maybe not. Too soon to pinpoint right now.
Just stay tuned. We’ll let you know.
Yours for trading profits,
Sean (on behalf of the entire Money and Markets team)
About Money and Markets
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Money and Markets (MaM) is published by Weiss Research, Inc. and written by Martin D. Weiss along with Tony Sagami, Nilus Mattive, Sean Brodrick, Larry Edelson, Michael Larson and Jack Crooks. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in MaM, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in MaM are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Kristen Adams, Andrea Baumwald, John Burke, Amber Dakar, Dinesh Kalera, Mathias Korzan, Red Morgan, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Julie Trudeau and Leslie Underwood.
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