A bounce from those 13-month lows in the POSX had led to a selloff across the commodity sector today and the entire board is red. Is this the start of a rally in the POSX and sustained pullback in commodities? Probably not. It's likely just a bounce. But this does make the reaction to Friday's PCE data that much more important.
Let's start with your POSX. After closing at the lowest level since July of 2023 yesterday, it has been moving higher ever since trading resumed last evening. Again, is this a reversal and a new short-term up trend or is it just another bounce?...
