Friday, June 8, 2012

JP Morgan Made a Pretty Good Call on Commodities

Our November 23 2011 headline was "Phase Shift" - JP Morgan Downgrades All Commodities To "Sell.
Here are the charts of the four commodity indices Bloomberg features on their commodity page:

Commodity Futures Chart 
Index_red_code S&P GSCI
Index_red_code UBS Bloomberg CMCI
Index_red_code Rogers Intl
Index_red_code RJ/CRB Commodity
Early by three months, which explains my comment in the above link:
Holy crap!
Now the question is: Are they buying or selling?
[you are so suspicious -ed]
But absolutely correct, especially in the case of the energy-complex weighted S&P-Goldman Sachs Commodity Index.