While equities careen lower, the coffee ETN is following-through higher. We observed the falling wedge consolidation a few weeks back, as the commodity was ripe for an upside breakout as a sequel to its first quarter rally this year.
Also note that Starbucks is weak today and ripe to break lower, a play on the idea of a sympathy sell-off there with coffee rallying.
A weekly close over $36, which looks very likely, is a huge win for coffee bulls into late-summer.
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