Commodity Stocks Have Topped–Here’s Why

  • October 13, 2004
  • Gary Kaltbaum
I wasn’t going to write until tomorrow, but after
watching the first couple of hours this morning, I felt I must.

 

COMMODITY STOCKS HAVE TOPPED!
Gold, silver, aluminum, steel, copper and anything
else under the sun in this are are done for what I would suggest would be for 
the intermediate-term. I already have told you OIL stocks were due for a
pullback…and that continues. That now feels more like a top.

 

I would not be buying a share of these groups
right now. They have had a long run, have become loved and over-owned. I would
look to sell into any bounces.

 

Please understand how cycles work. Nothing goes up
forever and the biggest risks are in the stocks and groups that have ALREADY
had a big run.

 

I will have a report on the rest of the market
tomorrow.

Gary Kaltbaum