Note the coffee commodity, seen via the JO ETN, below, is ignoring overbought conditions today as it flips green.
That is our roadmap in determining if coffee is on the cusp of another meaningful leg higher in 2014 after an exhilarating first quarter and subsequent multi-month consolidation–We do not want to see a real price correction until the commodity has been pushing higher yet for quite some time.
Also note the rallies in other softs, such as cotton, corn, sugar, and wheat, all possibly following coffee, the leader, higher.
Any way you slice it, coffee has had a terrific 2014 and looks to be in its own raging bull.
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Congrats on this one Chess. Great win. I was in the March rally but got gun shy this time around. May the winning continue until it meaningfully affects the price of my morning cup of joe 🙂
Thank you, Mr. President.
This is unrelated to this post, but screw anyone that ever thought you were being unethical in investing in companies that want to prevent deaths from Ebola.