Good morning, investors. Welcome back to hell.
Posted By Mike On Oct 6, 2008 @ 5:46 am In commodities, crash, deflation | No Comments
And the crash goes on. Asian equity markets declined 4-5% last night, and Europe is currently off about 5% (bloomberg):
[1] 
US futures are also pointing solidly lower:
[2] 
But the most noteworthy prices today are in the commodities sector, where we have oil under $87, Dr. Copper at $2.53, and coffee, yes, even coffee finally falling, down to $1.18/pound. I have been watching coffee, and for as long as I can remember it has been stuck in the $1.30 - 1.45 range
The commodity indexes have now given up all of the gains from their manic phase of late ‘07 to spring ‘08 (Bloomberg):
[3] 
Meanwhile, Treasuries are marching higher, with the 30-year touching 4 percent flat this morning.
Smells like deflation.
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