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Should Investors Expect Declines in Commodities?

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  • Description

    Countdown to the Closing Bell panel on the market outlook.

  • Duration 2:58
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Right to the floor show we've got traders of the New York Stock Exchange the CME group and the nymex.

Let's go to the stock exchange all the -- up.

-- -- we got some decent private jobs numbers before this market just totally ran -- stayed.

Right I see the jobs numbers this morning markets up about.

Fifty points but you know we could should keep in mind that the ADP jobs number always gets adjusted by 5060000.

And nobody knows which way so I guess Friday's numbers will be a little bigger.

But the market did get up -- confused about thirteen fifty -- -- futures there which presented a little resistance and lack of anybody really wanting to buy.

I think people are just taking off the table you have.

No real conviction on either side longer short these days.

Yeah Jerry did the saving us I have heard you talking to -- in the last -- -- talking about.

-- -- oil action today does that -- really reflect what's going on in China.

Because we've -- I guess the economic news here in the US has been somewhat mixed but you could argue it's been a little more encouraging.

This right but the markets really showed you the way they feel the fact that we backed off the way that we did.

After two decent positive -- sort of data points really sets the tone to and is this the the bottom line is QE3 now -- -- deliver its they'll last forever and are in the last arrow in the quiver if it needs to deliver China's demand is -- and that is gonna continue in my mind.

To drive commodities are commodities like oil we've already seen steel struggling for the better part of the year I think that continues and soft commodities you know like -- We several others a lot -- customized to public -- continue to retrace here and that's or watch -- but again be -- is the big focus -- -- on the floor Friday but.

Go to Jeff Grossman -- some good points of the nymex Jeff.

Okay oil down another big drop today well on the ninety -- how far does that go.

How much lower I guess is -- trying to say -- ago.

I don't -- that much further right now is a matter of fact.

From a technical -- a fundamental standpoint we reached have just about with the objective is there was this major support here at about 87 and a half dollars.

And expect more likely a balance here now granted this a market -- -- failed on several occasions up -- about the 94 dollar level.

Broke down at what we broke through about 91 and a half dollars so this market -- is where it's supposed to be as a matter of fact.

We we we -- had no choice but to get here because again he admits her reports for the last couple of weeks have been very very neutral if not bearish.

To the market so the market had to come down here at this point.

Here's where the market is gonna get a little -- -- you're probably gonna have a little bit of a retracement here probably -- -- about the 91 dollar level.

That's with a market probably has has begin to get sold here.

But again this is about where we're gonna go we're not we're not going much lower that quickly it has to have -- you have to absorb these numbers at first.

Because the market really -- doesn't going to straight line is we all.

-- it certainly doesn't all right Jared -- And Jeff thank you so much for joining us for the floor show.

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