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Commodities Today: Energy Names Rise, Precious Metals Fall Sharply

Crude oil is once again rising, with WTI Crude now trading over the $52.50/barrel level, which is helping the leveraged players rally once again. The one name, which is not an MLP, that has caught our eye today is Halcon Resources (HK), which is attempting to take out the $2/share level as investors continue to look for risk-on plays in the sector right now.

The strong economic data which is pushing the equity market higher is wrecking havoc in the precious metals market (more on that later) and we highly doubt that the move lower is done - unless China, Greece, Russia or Ukraine do something to rile markets.

Chart of the Day:

We thought the move to $1,300/ounce was an overreaction and said that we believed gold prices would move towards $1,200/ounce once again to test that support. That move lower continues, the only question that remains unanswered in… Read More …