Commodity Stocks Get Rocked - Voice of the People
18 April 2011 - 7:19PM
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Commodity Stocks Get Rocked
This morning the leading commodity stocks are declining sharply
after a downgrade warning to the United States was issued by
Standard & Poors. The U.S. Dollar Index is also trading higher
and that will usually help to deflate asset and commodity prices.
Leading commodity stocks such as Freeport McMoRan Copper
& Gold Inc. (FCX), United States Steel
Corp. (X) and Southern Copper Corp.
(SCCO) are all trading sharply lower this morning. This is exactly
what happens when the U.S. Dollar Index shows a little
strength.
Leading mining equipment stocks such as Caterpillar
Inc. (CAT) and Deere & Co. (DE) are
also coming under selling pressure this morning. These stocks could
still have further downside as the daily chart support levels are a
bit lower on the charts. Traders must now keep one eye on the U.S.
Dollar Index at all times as these leading mining equipment stocks
will generally trade inverse to the U.S. Dollar Index.
Nicholas Santiago
InTheMoneyStocks.com
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CATERPILLAR INC (CAT): Free Stock Analysis Report
DEERE & CO (DE): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
SOUTHERN COPPER (SCCO): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
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