Chart Comment

From 1998 until late-2003, copper traded between 60 and 90 cents. Prices then took off on a 5-year up-trend, helped by strong growth in China and a falling U.S. dollar. That up-trend ended in late-2008 when the financial crisis hit. After a rapid drop to $1.25, prices made a quick recovery and are climbing again. This time, however, China is trying to restrain its economy and copper stocks are rising. Resistance at $4.00? (updated 2-26-10).

Chart Comment

From 1998 to early-2002, gold prices were especially cheap below $300 per ounce with heavy central bank selling, low inflation, and little interest from investors. That all changed in April of 2002, thanks to 9/11 and a strong trend of consolidation among gold producers. In December of 2009, prices peaked at record high levels while the Fed was committed to a federal funds rate near zero. As long as monetary policy is accommodative, there should be long-term support for gold (updated 2-26-10).

Chart Comment

Post-9/11 was a good era for most commodities and silver did very well until the financial panic hit in August of 2008. After bouncing off a low of $9 in October of 2008, prices rallied again and appear to have support around $15 (updated 2-26-10).

Chart Comment

Thanks to growing demand from China and few sources of new production, crude oil prices have been strong in the post-9/11 era. The global recession of 2008 rocked crude's world and hit prices hard. Early in 2009, prices found support below $40 and have now climbed back to $80, helped by an improving world economy. So far, there seems to be plenty of crude available, but many are concerned about the future. A close above $80 would look strong (updated 2-26-10).

Chart Comment

For the past six years, natural gas traded between roughly $4 and $10 per thousand cubic feet with higher spikes, but in 2008, prices fell below that range, thanks to the financial crisis and increased gas production. There should be gradual fundamental improvement ahead and it looks like resistance around $6 (updated 2-26-10).

Chart Comment

The June 2011 eurodollars broke higher in November of 2007 and went to extremely high levels, thanks to the financial crisis of 2008. This move is getting old and the economy is slowly improving. The eurodollars have had a nice run, but I would not want to get caught long up here (updated 2-26-10).

Chart Comment

After 9/11, T-bond prices were remarkably stable between 105 and 120 until the financial crisis in late-2008. Prices jumped up to 140 in a panic, but then quickly sold off with concerns about too much new government debt. The outlook now is for low economic growth ahead with rising levels of public debt - which direction will bonds go? The most recent range is 115 to 123 (updated 2-26-10).

Chart Comment

In January of 2008, the S&P 500 ended its four-year uptrend, hurt by a weak housing market and growing financial problems. Little did anyone know that the worst financial crisis since the Great Depression would start in September and send stock prices to their lowest levels in 12 years. Prices rebounded nicely in 2009, but its hard to be too bullish. Resistance at 1,300 in 2010? (updated 2-26-10).

Chart Comment

The financial crisis of 2008 initially sent the dollar higher with investors looking for a "safe" currency. As the panic subsided in 2009, central banks around the world reduced their dollar holdings. Lately, the dollar seems to have turned into the beneficiary for bad economic news. Possible range between 70 and 90? (updated 2-26-10).

Chart Comment

Australia's economy is currently one of the better performers in the world and it is hard to imagine a more favorable situation for the Australian dollar. Will the Aussie reach $1? (updated 2-26-10).

Chart Comment

In August of 2008, the British pound broke lower, hit hard by the financial panic. Prices regained part of the loss, but the U.K. continues to struggle. Possible support around $1.50? (updated 2-26-10).

Chart Comment

Canada's economy is slow, but the Canadian dollar is finding support, thanks to the country's reputation as a producer of basic commodities. So far, so good (updated 2-26-10).

Chart Comment

After the financial panic of 2008, the euro hit $1.50 in 2009 while central banks were looking to own currencies other than the U.S. dollar. Now, it is becoming more obvious that Europe has some not-so-easy-to-solve problems of their own. Support around $1.30? (updated 2-26-10).

Chart Comment

In November of 2009, the yen broke above its highest level in 14 years. That is remarkable and somewhat puzzling. The expensive yen is a threat to the economy and there is no chance that the Bank of Japan will raise the interest rate anytime soon. I am suspicious of these high prices (updated 2-26-10).