Once again let’s continue to notice that the decline in the Market Vectors Agribusiness ETF (NYSE: MOO) is occurring within the confines of a very high-level consolidation area between 34.40/50 and 32.60/70. As long as 32.60/70 contains any forthcoming weakness, the overall bullish pattern remains intact and points to another thrust to the upside into new high ground that projects to 35.50-36.00. With the agriculture and fertilizer sectors acting well, and with crude oil pulling back to $56.00 support from $60.00 prior to another run on the upside, I am not “afraid” of holding the MOO model portfolio position for a while – and possibly adding to it.
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