Besides All-Time Highs, What’s in DBAs Basket?

March 11, 2024

Mish's Daily

By Mish Schneider

Not the first time I have given readers this list of leading indicators to watch for a potential rise in inflation:

Last week we focused on sugar.

For the weekend, we focused on silver.

The dollar, also on the list, trades under 103 yet into support.

Today, DBA the Invesco DB Agricultural Fund made a new all-time high.

DBA tracks an index of 10 agricultural commodity futures contracts.

Specifically, the underlying index includes corn, soybeans, wheat, Kansas City wheat, sugar, cocoa, coffee, cotton, live cattle, feeder cattle, and lean hogs.

Besides making new all-time highs, DBA is also outperforming SPY.

On Real Motion, momentum is picking up and has not been above the Bollinger band since July 2023.

While momentum is not quite there yet, we imagine should it clear the BB, it will be significant as price should be a lot higher than current levels.

Big picture, tied in with our analysis on sugar future and why they are a key barometer to predicting rising inflation, so is this ETF.


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Synergy Traders-How to Identify the Next Magnificent Leaders-A webinar-want to know more why outperformers outperform and how to profit on that? This is a webinar 03-06-24

Business First AM The Vanity Trade-brought to you on International Women’s Day-what will next consumer trends be 03-08-24

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Traders Summit with Blake Morrow Stock Pick and Market Predictions 03-04-24

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Coming Up:

March 12 Your Daily Five Stockcharts

March 15 Jim Pupluva Financial Sense

Weekly: Business First AM, CMC Markets, and new to


ETF Summary

S&P 500 (SPY) 510 pivotal-as in below could see more correction

Russell 2000 (IWM) 205 area support to hold

Dow (DIA) 385 support 400 resistance

Nasdaq (QQQ) 435 key support

Regional banks (KRE) 45-50 range

Semiconductors (SMH) maybe ready to see levels back down to 208

Transportation (IYT) 69 area now support

Biotechnology (IBB) 140-142 resistance 135 support

Retail (XRT) 73 support

iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77 big number to hold (still)

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