Stocks and commodities higher, dollar lower

Stock indexes had some nice follow-through today. Volume picked up slightly, momentum stayed northbound, and downtrend indicators narrowing a little more. It looks like the pivot pointed out yesterday is to be tested. There isn’t much new to show on the charts. The US Dollar is testing the lows from last year. As expected gold and oil had nice rallies on the lower dollar. Gold is challenging the all time high, and that high is being taken out in the evening session as this is being written. The Wheat market had a nice spike up today after some early morning profit taking. The daily chart sure looks like a parabolic blow-off. I’m still skeptical of the commodity bull moves, but so far the bulls are in control. What goes up usually comes back down, at least eventually. The bubbles can get much larger than anyone thinks possible, but watch out when they pop.