Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, March 18, 2008

After a Crash, an Opportunity

Man, did commodities fall on their face yesterday ...As Bloomberg tells us ...
Commodities Head for Record Decline on Slowing Growth
March 17 -- Crude oil, copper and coffee led a decline in commodities that may be the biggest ever recorded on speculation that a U.S. recession will stall demand for raw materials.

The UBS Bloomberg Constant Maturity Commodity Index fell 4.5 percent to 1,458.597 at 3:56 p.m. in New York, the biggest drop since Oct. 3, 1997, when the data starts. Oil retreated from a record, copper plunged the most in eight weeks and coffee dropped 11 percent. The Reuters/Jefferies CRB Index plunged the most since at least 1956.

XX Well, that was yesterday. Today, commodities are rebounding as investors figure the Fed is going to cut rates (duh!). So, it's time to get back to work. Stay tuned.


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