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Many investors are positioning their portfolios based upon their beliefs towards which is a more likely outcome...IN-flation or DE-flation. The MS Commodity Index (CRX) reflects a series of lower highs over the past 18 months. The rally of late in the CRX took it back up to this falling resistance line.
This past week the CRX index broke below a 100-day old support line at (2).
What the CRX does over the next few weeks might tell us a good deal towards which theme has their portfolios better positioned.