The Commodity Research Board Index (CRB) has had a very weak bounce off the low. Price has shown no strength in the long term. Sure there was a nice percentage move that was tradeable. But that move looks to be over and I see no reason to be looking on the long side here.
Industrial Metals have bounced somewhat higher than the total CRB index. But the 1×2 anngle form the 1998 low appears to be providing resistance.
Specifically, the Iron and Steel index is weaker than the total Industrial Metals index. I cannot see any reason to believe that industrial production around the globe is about to pick up.
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