Original subtitles

Welcome back folks again, we're dealing with commodity.

So it's very important.

You read the disclaimers here and understand and remember that I'm not a

CTA and not a commodity trade advisor.

Everything we discuss here is only referring to a paper trade capacity only.

Okay, welcome back.

ICT mentorship, June, 2017, commodity trading lesson number two, we're going

to talking about relative strength analysis and we can see professional

accumulation and distribution.

Okay.

When we deal with commodities, there's two main camps or groups of markets

that make up the commodity market.

And it's the agricultural and the financial market.

The first in the agriculturals are the grains.

And I'm going to, I'm going to tell you the ones that I like to follow,

and there's other grains, obviously like oats and such, but I'm not

going to concern myself with that.

Um, for the grain mark.

We have corn wheat and soybeans, and they trade on the struggle board trade

and an exchange for the green markets.

And there's other grains that can be traded like canola and

boats and something like that.

But, uh, they're very thin markets, but these are the three that I historically,

as a commodity trader back in the early nineties, there's are the three

I ex like started the follow-up.

Out of the live stock sector of the agricultural markets.

We have feeder cattle, lean hogs, and live cattle out of the foods area.

We have cocoa orange juice, which is kind of thin, but I include

it when it's really, um, a freeze like in Florida, if there's a.

An issue with the crop down in Florida.

There's a really, it's a really fun market to be trading in, but otherwise

aren't used as kind of thin, but include it because it is one of my

favorite students to watch for that very reason, uh, coffee and then sugar.

And in the fibers, we have cotton.

Now there is lumber market, but it's kind of thin as well.

And other financial instruments, we have the debt instruments,

which is the 30 year treasury.

10-year treasury note and five-year treasury note,

the currencies, the calm Dalles here.

We see Aussie dollar Canadian dollar Japanese yen, British

pound Swiss, Franc Euro dollar and New Zealand dollar the metals.

We have gold, silver, and high-grade copper.

Now there are two other metals, palladium and platinum that I did

follow early on in the nineties.

But I just fell out of, uh, interest in, in, in these are the

three metals I like to follow.

And the energies, obviously we have crude oil.

So when we look at the commodity market as a whole, this would be your basket of

commodities to follow now much like Forex.

There's a nice sample size to choose from which one you want to be trading and which

one you may want to be a specialist in.

Um, I liked the treasury bond in the currency markets and dabbled in gold

and silver and copper when there was a real strong tendency to, for it to move.

And the agriculturals I liked soybeans.

And feed your cattle and live cattle and on a seasonal

tendency, I like to lean hogs.

I traded cocoa, orange juice, coffee, sugar, and cotton.

So when we look at the commodity market and we look for relative

strength analysis, relative strength analysis is basically factoring.

Your analysis around the most important market to be following right now when

you're bullish and the most important market to be found when you're bearish.

And there's really two simple ways to, um, come to the conclusion

of what that is, as you know, the dollar index is like the king.

Okay.

So the greenback is the king.

So what the dollar does sets the tone for everything.

Especially when it comes to commodities.

So if we look for the dollar index to be trading higher, that's going to

put pressure on the commodity prices.

If the dollar index is going to be trading lower, that's going to allow

and insight higher commodity prices.

So when we look at this, I want you to think in terms of that scenario.

So when we look at institutionally sponsored rallies, what we're

actually looking at is a market that has failed to go live.

At a time when the dollar index would be expected to go lower.

So in other words, if the dollar is making some important high, or maybe

even a topping formation that may be a precursor to a bullish commodity

market and the commodities that you'd be looking to be long in our commodity

that fails to make a lower low, which is basically an SMT diversions.

So what we see here is.

Uh, I diagram on the right hand side is underlying price strength.

Now this is what you want to classically see when you, when we buying commodities,

where what you're seeing is, is when the market tends to trade higher

energetically as a leader market, it establishes the underlying direction.

That's opposite to the dollar index.

Now these markets are extremely profitable and our aim is to focus

on these particular commodities to trade because they're going

to be the strongest upside move.

Short-term highs are gonna be seen, broken and declines are

going to be shallow in nature.

Every time price makes an upswing or it makes a up closing candle they're

typically much larger than those that close lower or any short-term

swings that move lower in price.

The key is you only focusing on the commodities that fail to make

a lower low they're basically diverging with the dollar and day.

So if we see that we know that there's a professional accumulation or in this

case, institutional sponsorship for buying, if the institutions step in and

because they're going to be buying a whole lot more because their institutional

volume is much larger than a speculator would be like you and I, that will

facilitate the market rallying higher ed.

Showing unwillingness to go lower because it's a large degree of buying

coming in while there's the supply and demand factors that coming into

force with the commodity, they're not going to permit price to go lower.

So it will fail to make a lower low when the dollar index makes that higher high.

You have to understand what the dollar index should be doing as a whole

though, because it may not be so clear.

Just by looking at higher highs and lower lows and commodities,

when one diverse, it doesn't necessarily mean that there's a trade.

You have to have the analysis on your dollar index, because that's going

to set the tone for a prolonged move.

If the dollar spent a weekend, that's going to provide.

At least the intermediate term basis for the commodity market as a whole to rally,

but not every commodity is going to rally.

This is what ferrets out these strong moves and which is why we say

it's relative strength, analysis, relatives, relatively speaking, a

commodity that fails to make a lower low, like this it's stronger because

it has failed to make a lower low.

So when the dollar drops.

Or shows weakness, this particular commodity, whatever, whichever

one, it would be that creates this condition of scenario.

That's the one we would be looking for.

Bullish ideas.

Now as we just discussed in the beginning of this teaching, I broken down the

agricultural sector and the financial sector of the commodity markets.

So we have a basket of commodities that we can follow in two

divisions, one, the agricultural markets, things that are grown or.

Okay.

And then we have the synthetics, the things that are manmade or

created or manufactured or drawn from the earth that don't breathe.

Okay.

Like oil and energies.

So by having these two divisions in the commodity markets, we have

a nice basket of choice to make.

If there's a bias to the market as a whole, for the commodity market

to go higher, that means that the dollar index should be going

lower or expected to go lower.

Not every commodity's going to go higher.

The ones that fail to make that lower, low that's the one we were really focusing on.

Okay.

So that's really the heart of this teaching, but as we saw, there's

different groups of commodities, like the livestock, and then there's

the grains there's currencies.

When we see those.

Little groups of types of markets.

Like again, all the meats like feeder, cattle, live cattle and lean hogs.

Those three make up the livestock group.

One of those meats may fail to make a lower low when the

dollar is starting to go lower.

And when it does that, it's showing leadership.

For instance, it could be the live cattle market and feed your cattle

may not have that higher, low form.

It may make a lower low, like it's being described here graphically

on the discharge and maybe lean hogs makes a lower low as well, but

live cattle makes that higher load.

We just showed in the previous slide, institutional sponsorship

behind that particular commodity would send live cattle much.

And a lot more magnitude and speed because you can see that they're buying

that one up the other bit, um, meats or other commodities and other groups

that may not show those evidences of a higher, low when the dollar is weakening.

That would be seen as this and you would be seeing a sympathetic rally.

Okay.

And what we're seeing is you typically a commodity that makes a lower, low, but

starts to trade higher sympathetically.

So we have sympathetic price strength.

Now this is going to be a market that tends to trade higher and

sympathy to the leader market that establishes the underlying direction.

While these markets are potentially profitable.

Again, our aim is to focus on the leadership markets for the strongest one.

Now short-term highs are seen, broken and declines are shallow in nature.

And the upswings and up closing candles must like we saw with the

institutionally sponsored rally.

They're typically going to be larger than those that close, lower or move lower.

So if you're trading a commodity that has the characteristics that

are being described here, you're not actually buying the relative

strength leader on the buy-side.

You're actually buying a sympathetic.

Rally or a, the six sister of the group.

Okay.

And not that you can't make money doing that because you can see that many

times there's moves will be moving in sympathy and moving in tandem, but

at a lesser degree in terms of speed magnitude, and it will be more lethargic.

It may get to object that you trade and reach for, but.

Not as strong and as quick.

And it's sufficiently that you would be seeing it with the leadership.

Obviously the opposite is seen here.

Uh, institutionally sponsored decline is a market that tends to trade lower

energetically as a leader market and establishes the underlying direction

opposite to the dollar index.

These markets are extremely profitable and our aim is to focus on these markets

as they will be the strongest downside.

Short-term Lowe's are going to be seen broken and rallies are going to be shallow

in nature, downswings in price and or the down closing candles are typically

much larger than those that show with closing higher or upswing in price.

The key on this again, much like we saw with the institutional sponsor

rally is the focal point of the failure swing to make a higher.

When the dollar index is bullish and it's about the rally, that's

gonna put underlying pressure on commodities as a whole.

Not all the commodities are going to drop the ones that fail to make a higher high.

They're going to be leadership on the downside.

So they're going to be showing underlying price weakness.

Okay.

Much, like we saw with the sympathetic rally, we have a sympathetic decline.

This is a market that tends to trade lower in sympathy to the

leader market that established the underlying downside direction.

While these markets are potentially profitable.

Again, our aim is to focus on the leadership market for the

weakest declines, just like we saw with the sympathetic rally.

We can see short-term lows are being.

And rallies are shallow in nature.

The downside swings and down close candles are typically much larger than

those, the close higher or the moves higher, just everything reversed.

When we saw for the slide for the sympathetic rally.

Basically what we're seeing is price weakness in a sympathetic

nature to the leadership.

Again, I'll use this analogy, uh, say the soybean mark.

Was the leadership issue on the downside.

It failed to make a higher high while the grain complex should be moving

lower as a whole say, wheat makes a higher high in corn makes a higher

high, but soybean makes that lower high, well, soybeans is going to

be the outperform on the downside.

Doesn't mean that wheat and corn won't decline, but it

will be doing so in a separate.

Fashion, like we're describing here again, when we focusing on the

weakest of the commodities, the self short, and the way you determine

that is by looking at their highs.

All right.

So actually let's go through the commodities as a basket

and we'll start ferreting out.

What we see generally when the dollar index is giving us indications that

it wants to move higher or lower.

First area of business is the, the middle of 2000 sixteens summer.

We saw the dollar rallying up into January, 2017, making a high, and

then we saw post January, 2017.

We've been seeing continued weakness on the dollar.

So from the middle of the summer of 2016, to the beginning of this

year in 2017, We would expect to see commodities going lower while

the dollar has been moving higher.

And then obviously commodities from January to the present time of this

recording June, 2017, we should be expecting commodities, the rally, or

look for leadership issues to fail, to make lower lows, and then look for

opportunities to be a buyer as a paper trader in those particular commodity.

And that way you'll learn how the commodity markets work.

First I'm looking at here is corn.

We're going to go through the agriculturals first and

corn is our first grain.

And you can see that from the middle of 2016, we saw the decline in corn, as we

would expect with a higher dollar and down below the August and September Lowe's

who can see corn kept making a lower.

Which was underlying weakness while the dollar index was making higher highs,

the corn market showed a willingness to go a higher off of a higher, low.

So we had a failure swing going into the latter portions of

December, 2016, but we had extreme weakness shown in the move down.

But December into January, we saw that higher, low form and the market

went relatively sideways, small little modest move from 360 up to three

90, which has only a 30 cent move.

In this case, it would be about $1,500 per contract.

So that's actually a very weak market.

The green market for this, uh, specific commodity.

Corn was weak.

We didn't see any kind of leadership buying in here at all.

The wheat market, much like corn.

We saw this slide down from the summer months, making lower lows

and then making a lower low, even in December going into January.

So we had continued weakness on wheat.

Disc grain stayed in a consolidation as well.

I failed to make any kind of real significant rally higher.

And its underlying weakness was seen in price action

soybeans.

We saw the summer decline going into August, but then August and September and

October, we started seeing the soybean market failed to make lower lows while

we saw the dollar making higher highs.

So there was already indications that their soybean market was under accumulate.

Because it was failing to go lower.

In the second week of November going into January, 2017, we saw soybean market trade

down with a higher, low, and actually talked about this during the mentorship.

If you go back and the gerrymander, January current of our time together,

you'll actually see me talk about that and mention those equal highs

that were around that 10 80 level in this chart and price it rally.

And we saw relative strength in the being complex.

So soybeans across the drains group was the leadership issue.

So soybeans were strong.

So if you were looking to be a buyer in January, when the dollar index

was making significant reasons to look for a lower move in the dollar,

that's going to allow commodities, the rally soybeans in this case, rallies.

About $4,500 per contract in terms of the move,

the next one, we're going into the livestock group.

Now, just like we saw in the previous commodities, we saw the decline

from the summer months going down into the fall end of the year.

But then we started seeing some accumulation scene in the

middle of October going into the first week of December.

So while the dollar index was making higher highs, The feeder cattle

market was failing to go lower.

So it was already showing signs of accumulation.

If it's not going lower, there's only a one reason for that.

It means that they are on their accumulation and they're buying it.

Who is institutions are large traders, big players.

So they're buying up feeder cattle

and notice that we're seeing short-term highs being broken.

And more short-term highs being broken.

And then at a later time in March, when a dollar creates another intermediate

term high and starts to sell off, we had that February, March time period where

the feeder cattle market trades right back down into a bullish, shorter block.

So we have the accumulation patterns seen here, but early signs were

already shown that they were accumulating the feeder cattle market.

Feeder cattle actually developed a premium, which will start

teaching later on in this week.

But the price of feeder cattle actually went in this case.

Parabolic.

And it was very strong as a result of that because we saw price show

signs wanting to not go lower.

It was breaking short-term highs.

It was under accumulation.

And then at a later time, when dollar index was ready to sell off again in March

of 2017, that provided another buying opportunity for feeder cattle notice.

Also the last half of February going into March, the dollar index was making

higher highs around that 1 0 2 level.

That last portion of February going into March on feeder cattle, I was

making a higher, low again, that same accumulation pattern it's being

seen there, but it's also occurring in a previous bullish order block.

So we're a blending PDRs discount with the context that we should

be seeing higher commodity prices.

This one fit the bill because it had everything in favor for it.

What does it translate into this move here?

From the buy all the way to the high.

Is there a $19,000 per contract of a move?

Not too shabby.

All right.

The next one in the livestock complex is lean hogs.

We saw the decline from the summer months, going down into September and October,

and then October, November, December, we started seeing accumulation patterns.

Again, mark was failing to go lower while the dollar index was making higher highs.

We've seen clear cannulation patterns in the lean hogs market.

Later on in 2017, we had another opportunity for the dollar index to

sell off, trade up into a premium array, filled into liquidity void.

Price trades lower on the dollar index, which is going to allow

foolishness for commodities.

Again, we can see in the lean hogs market, the market trades back down into

a bullish order block, and we have a subsequent parabolic rally from the 68

to 81 and a half cents for lean hogs.

And that means.

About $5,600 per contract.

Last one in the livestock group is live cattle price trades down from the

summer months into October making a low.

And then from October going into November and December, we see

accumulation occurring again in here while the dollar is rallying, the

live cattle market is failing to go.

So they're under massive accumulation, same scenario.

We said earlier with the March high in the dollar index, creating a sell

off, there's a buying opportunity in the live cattle market trades down into

a bullish shorter block rallies away.

And again, much like we saw with the feeder cattle market live cattle

futures were very, very strong.

It translates to a move of $12,000 per country.

All right now, we're going into the foods.

And the first thing on our list is Coco.

Coco is clearly under a lot of distribution.

They had a bumper crop.

There was no real, uh, um, shortage of cocoa and there was no impulse.

For the supply and demand factor to be swung to a shortage.

So there was lots of supply of cocoa, which provided this consistent decline

on the price of the cocoa futures.

So we have no real indication that this is under any accumulation whatsoever.

And our analysis comes away with Coco is very weak.

It's not under accumulation, so this would never meet the criteria.

While the dollar is dropping coffee St.

Scenario.

Um, we saw weakness market making lower lows in December,

going into January as well.

We had a nice little pop up, which is a nice little retracement, but

it overall kept in sync with the, uh, the weakness that was seen

to coffee here was weak as well.

And sugar is our next.

Again, we see in November going into the middle of December,

we see sugar making lower lows.

Um, we have a small little divergence at the lows that saw a rally up, but

when we got back up into February, March, that, uh, that found its

weakness after coming up into a.

Premium right.

Or bullish or block around that 2050 level.

And this could not find any more bullishness.

So in this case, we can see kind of like a mixed signal.

So you could have looked at it as weakness.

And then the last little portion of December going into January that higher,

low, while the dollar index actually made a higher high, that's a D it's a

divergence that would be a failure swing.

So that's why you see that move higher.

In sugar, but then it ultimately falls over and can't find anymore continuation.

So I want to provide you opportunities where in realistic terms, you're gonna

be able to see these things, but then you're also gonna see things that start

off like a good move and then fail.

And that's what real, that's what real environments are going to be like for you.

So in this case here, sugar was weak.

Okay.

We're in the fibers.

And we only have cotton in our basket of commodities to be worrying

about the slide from August down in September, after an initial rally, uh,

trades back down into a bullshitter block at September dollars rally.

Cotton's not going lower.

And you start seeing success of higher highs, higher lows.

Every short-term highs, finding its way broken with no problem at all.

And bullet shorter blocks are supporting price.

So we can see clearly that this commodities under accumulation.

So in this case here, cotton was a very strong commodity at the

time when the dollar is weak.

As a result, the move to transpires is over $8,000 per country.

Okay.

Now we're in their financials.

We're looking at the 30 year treasury bond and I'm actually going to talk a lot

more about bonds in the bond trading week.

So you're going to see something in this chart that if you're a student

of mine, obviously you're going to know right away what it looks like

and what we should be talking about, but we're going to keep in a general

terms, just for the commodity portion of this, uh, So we see the market making

lower lows here, underlying weakness, and the bond market has been weak.

We've only really traded in and consolidation.

Haven't really made any significant moves higher, which has been the catalyst.

I believe that why the markets are so fickle right now, we've had so many

issues with, uh, finding sustained moves in, uh, foreign exchange.

And it's going to be translated by looking at the chart here.

You can see clearly that the market for the bonds have been range-bound and

they haven't really moved much at all.

And then we have the ten-year note, same thing we see underlying weakness.

10 years is weak as well.

And we only saw a consolidation transpired since then.

And five-year notes.

We actually saw weakness and then further weakness in March.

And we've consolidated since then.

So nothing's really happened that, that instruments and again, interest rates

are what makes the markets go around.

So if we're a currency trader, that's going to put a damper.

If you will, on how we see sustained moves in the currency markets,

taking the currencies.

Okay.

The first on our list is the Australian.

Looking closely.

Look at the highs on the dollar index going into January, we made

a higher high and in the dollar index, we made that failure swing to

go lower on the Australian dollar.

If you go back in the January month, you actually see me talk

about that very particular thing.

There was weakness seen in the dollar index.

At those highs.

And we saw cumulation come in on the Australian dollar at those lows,

incidentally, Australian dollar was strong with a differential.

So the interest rate differential was a bonus for this one.

So that's why we saw this nice extrapolate and move to the upside.

The next one on our list is Canadian dollar.

And this one here had basically an equal.

And it started off with basically a modest bullishness to it, but finally gave up

the ghost in February and roll right back over and followed suit with the dollar

index, which again is kind of weird because the dollar index and Canadian

dollar moving together makes it difficult.

All right.

So we have the Japanese yen next again, look very closely at the

dollar index we made that higher.

Going into January, but we have the higher, low in a Japanese yen.

That's the accumulation that's seen by way of institutional sponsored rally.

So we can see the market was making short-term highs, breaking those

short-term highs in order blocks that were bullish were being supporting in price.

So yen in this case was very strong.

So this was our leadership issue as well for the currency markets.

So it's Australian dollar and yen.

Can we have the British pound here.

This one has been lethargic.

Uh, we have a slightly lower, low going into January from October, no

real cumulation in this pair at all.

Until we got around that March time period, when March creates the high

in the dollar index, then we saw the opportunity for the cable to

start rallying from that 1 22 level.

But overall, the Powell market has been with.

Okay.

The next one here is the Swiss Frank and look closely again,

you'll see that failure swing.

So we have institutional sponsors at rally higher, low.

When the dollar index makes a higher high weakness in the dollar

index should see the foreign currencies rally, their calm dolls.

They should go higher.

In this case here, we see the Swiss Franc do that very thing and go home.

At the March time period, when we saw the dollar index create a high, we

had another intermediate term low on the Swiss Franc and it rallies again.

And then in may last month where we saw the dollar and index trade

up and close its fair value gap.

As a premium array, the Swiss Franc creates a turtle suit long and closes

in its fair value gap seen in the month of March and then rallies.

So we have a very strong, so it's shrunk as a result.

So we have the Australian dollar, the Japanese yen and the Swiss

Frank as our leadership issues.

And we have the Euro dollar.

We have a higher, low also on this currency.

So this one here we look and see, we have short-term highs being broken and all pre.

Uh, Ray's being broken on the upside and in supporting price at

the discount, a race to every bull shorter block, we see price being

more accumulation and more rallying.

So Euro was very strong here as well.

And last in our group of currencies for the calm dolls, we see one more instance

of a currency that had a different.

The interest rate differential was a plus for this one as well.

So in other words, if you, um, if you buy the, uh, New Zealand

dollar in Aldi, um, it paid you a interest rate for, for holding

onto it for a carry trade purposes.

And those two currencies were actually the leader of all the

interest rate differentials at the time for this beginning of this.

And with this higher, low, which is institutional sponsored rally at a time

when the institutions were looking to sell short on the dollar index in January,

made a higher high in dollar, did not see that lower, low we expect in the

New Zealand with a differential as well.

So here was Kiwi, uh, as an upside leader as well.

Okay.

Moving over to the metal.

Okay.

We have another similar situation here where the gold market was failing.

And we talked about this in January to go, was failing to make a lower, low.

So we have institutional sponsored rally when the dollar

index was making higher highs.

And as a subsequent, uh, to that occurrence, we see all the

bullshitter blocks providing support the price and premium rates being

broken as price moves higher.

Gold in this instance was a strong commodity to be a buyer.

Silver start at the same way.

Go did hire low institutional sponsorship around.

And price was reaching through premium arrays will sort of blocks were supporting

price until we got up around that 1850 level, it fell out of bed and came

all the way back down, but trading a bullish quarter block at that 16 level,

which I talked about at the time of the decline that we got down to that

level, an interesting buying options.

And we, since then rallied 168 points.

So almost a 7,000 plus dollars per contract, if you were looking

to trade that 16 level, but it was modestly strong here.

And as a side note, I actually was very, very bullish on silver, uh, much

more than gold, uh, but for whatever reason, it failed at 1850 level.

And the storyline changed from them.

Okay.

The last metal we're going to look at is high grade copper.

And you can see the accumulation that was really on their way in September, in

October, failing to make a lower, low.

And finally, this exploded on the upside and copper here was

a very strong metal as well.

And finally, for the energy complex, uh, in our commodity basket, we have current.

And crude oil was failing to make lower lows as the dollar index was rallying.

And this particular energy was under accumulation around the $43 a barrel mark.

And then finally rally up and you can see crude oil was a strong commodity as well.

So what we've done is we've gone through all the.

And we use relative strength analysis to fair it out.

The leadership issues when the market should be seeing commodities trade higher,

notice that all of them did not trade.

But we were able to go in looking at price action, no indicators,

node bells, and whistles.

There's simply understanding what the pattern looks like when large

institutions step in and buy.

What does that pattern look like?

It's that failure swing.

It's the fact that short-term highs are being broken and premium.

Rays are not respecting anything in terms of offering resists.

It's been broken through and then all of the discounter rays are supporting price.

Everything that we've shown here is reversed.

When the dollar index is bullish and we would be looking for bears, ideas

and commodities, and we go through the commodity markets and look, everything

that we did here, just in opposite terms.

But for agriculturals, what we've done is we fared it out.

The leadership from the grains, it was the soybean market out of the livestock.

All three of them did well, but feeder cattle was by far the absolute

leader, feeder cattle actually developed a premium, which we'll

teach later on in this week about.

And why don't you use it as an example as well, but the Peter

cattle market was the upside.

On the foods notice there was an absence of really anything that lends well

for a buying opportunity out of all the foods, they were all relatively

weak, the fibers, where are we?

Again?

We have lumber is in that group, but we don't look at lumber cause it's kind of

too thin in my opinion, uh, cotton wasn't outperformed on the outside as well.

Cause it was underneath a professional accumulation.

So we fared it out.

1, 2, 3, 4, 5 markets.

Out of all, the agricultural markets are trading patterns and price action

analysis concept helps us find where the leadership issues are going to be

as a buying opportunity financials.

We didn't see anything in the debt instruments.

I'm up in saying this all year long, which is the reason why the

markets have been pretty much.

Next to untradeable.

Um, the currencies, we see that Australian dollar, the yen, the

Frank, the Euro, and the Kiwi.

We're all upside leadership in the metals.

All three of them did very, very well here.

Silver was the weakest sister of them all.

But go was the outperformer in my opinion.

Uh, we did have a lot of strength on copper, but you only have one

real opportunity to get in that one.

So that's why I'm saying gold was the top performer cause gold gave you

a couple of differences to get in.

And lastly, in our basket of commodities is crude oil and we saw that when also

provide a nice opportunity to be a buyer, nothing really to compare it to

it used to be, uh, uh, heating oil and.

And let it gas and natural gas.

I would look at, um, when I was actually looking at commodities as a major

asset class, and it was only thing I was trading at the time, but if you're

going to have a basket of commodities to watch, I think this is a very good one.

Um, it's well balanced and it gives you a nice universe to work within, and it gives

you an ability to work within multiple groups, to look for leadership issues.

And as we indicated and shown here in this teaching, not all commodities.

Are equal.

They're not going to perform the same.

You have to have tools and concepts to go through.

And as, as a process, eliminate the ones that are not performing as you

would expect in price action and focus on the ones that are giving you

that fingerprint, hallmark signature, that there is huge accumulation.

Yeah.

And or distribution.

So by using this concept, it will help fared out all the

better moving opportunities.

When the markets are predisposed to go in one direction or another until

next lesson, I wish you good luck.