Commodities Bounce BIG!
August 21st 2008 18:17
Bloomberg reports,
Commodities headed for their biggest weekly gain in 33 years as oil rose for a third day and a weakening dollar revived demand for raw materials as alternative assets.
"The bounce in the dollar had caused people to sell commodities aggressively, and a lot of that selling became overdone,'' said Chip Hanlon, who helps manage $1.5 billion at Delta Global Advisors in Huntington Beach, California. "This move may tell us that those downtrends are over. Commodities could continue to rally from here.''
See my previous post, The Oil Bull Resumes.
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