Archived IMT (2010.04.09)

DAILY CRB CHART Index (23 commodities) http://chart.ly/kqqkhy failed to break above the right shoulder resistance of 280, which corresponds with the 61.8% retracement of the decline from the December high to the February low. The CRB is based on 23 commodities, but is dominated by WTI crude (23%), followed by natgas, gold, copper, corn each of which has 6% share in the basket. We continue to draw attention towards oil prices and their expected underperformance relative to gold and metals. This helps support expectations for a short-term slide in CAD vs. USD, GBP.