Materials' Uptrend Still Intact
01/21/2010 9:30 am EST
The concerns over China’s future growth hit the material stocks hard as XLB was down 1.8% for the day with the precious metal commodity group down 2.7%. The uptrend in XLB is still intact with prices well above the rising 200 day MA. It would take a close below $31.67 to weaken the trend. Potash (POT) chart is also positive as it shows a series of higher highs and higher lows. There is good support in the $100-$105 area with chart resistance at $125-$128.