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: 40.26 -0.71 -1.73%)
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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South Korea’s Exports Rise, but Future Looks Murky
(Money Morning, 12/2/09)
Has Japan’s export woes bottomed?
(China and Asia Stock Alert - Glo..., 12/21/09)
MOO Is On Sale
(Hard Assets Investor, 10/12/09)
Trade Gap Unexpectedly Widens on Surge of Oil and Auto Parts Imports
(Money Morning, 11/14/09)
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