Since I’m in South America, where agricultural exports are a big deal, I thought I’d look at the agriculture sector. To do that, we can view the Market Vectors Agribusiness (MOO: 45.56 +0.88 +1.97%)
You can see that MOO has almost made a 50% retracement of its big decline. It isn’t there yet, though. When it gets there, what happens next? Agriculture stocks aren’t overbought yet. I’d use the 61.8% retracement — 48.27 — as my next target.
More on this topic
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Korean exports fall by 8.6% in January
(China and Asia Stock Alert - Glo..., 2/1/10)
Has Japan’s export woes bottomed?
(China and Asia Stock Alert - Glo..., 12/21/09)
Exports a bright, blind spot for the U.S.
(tradeflow21.com, 2/5/10)
South Korea’s Exports Rise, but Future Looks Murky
(Money Morning, 12/2/09)
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