After breaking out of its downtrend and looking to double bottom near 101, the concern became that the POSX would make a move toward 103 and, in doing so, drag the Comex metals down. That was last week. And now here we are.
And to what do we ascribe this POSX rally? Well, there's that technical picture. The chart certainly appears to paint a classic double bottom at 101. There's no doubt some short covering, too, when you see fast moves off of a low.
But there's more than that. Rates have moved a little higher but they are flat today with the POSX up another 40¢. It...
