Commodity Stocks Show Early Strength
This morning, many of the leading commodity stocks are showing some early gains. Often, when the U.S. Dollar Index declines intra-day this will usually help to inflate the major commodity and stock markets. Therefore, should the U.S. Dollar Index rally higher during the trading session it would be prudent to expect the leading commodity stocks to pullback or decline intra-day.
Freeport McMoRan Copper & Gold Inc.(NYSE:FCX) is the leading copper stock in the market. The stock is trading higher by 0.91 cents to $50.84 a share. Traders can watch for intra-day resistance around $51.00 and $51.75 levels.
Cliffs Natural Resources Inc.(NYSE:CLF) is a leading iron ore pellet producer. This morning, the stock is trading higher by $1.07 to $88.36 a share. Traders can watch for intra-day resistance around the $88.750 area. Should the stock trade above this resistance area the next intra-day resistance level will be around the $89.25 level.